Fitch rates Ocean Spray preferreds BB

Fitch Ratings said it has assigned the following initial ratings to Ocean Spray Cranberries, Inc.: long-term issuer default rating BBB- and $150 million of 6.25% series A preferred stock BB.

The outlook is stable.

According to Fitch, Ocean Spray's credit ratings reflect its dominant share in the shelf stable cranberry juice and dried cranberry segments.

Importantly, Ocean Spray's strong focus on innovation in their beverage and snack portfolio mitigates in part a relatively narrow product line that is mainly dependent on a single fruit, the agency said.

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