S&P changes Ocean Spray view to stable

S&P said it changed the outlook for Ocean Spray Cranberries Inc. to stable from negative and affirmed its ratings, including the BBB- issuer rating.

“The outlook revision reflects the company's better-than-expected operating performance and lower leverage. We estimate that Ocean Spray increased its sales by more than 6.5% and expanded its EBITDA by 50% year over year in fiscal year 2020 (ended Aug. 30, 2020) as it improved its overall sales mix with fewer bulk commodity ingredient sales and continued to reduce its selling, general, and administrative (SG&A) expenses,” S&P said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.