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Dole Food's corporate credit rating cut to 'B-' after Q4 results - S&P
Standard & Poor's (NYSE:MHP) Ratings Services said it downgraded its corporate credit rating (CCR) on Dole Food Co Inc and Dole Holding Co LLC to 'B-' from 'B' citing fourth-quarter operating results and credit measures that were below its previous expectations.
The ratings agency also cited concerns over refinancing risk over the next year.
The outlook on Dole Foods, the world's largest producer of fresh fruit, fresh vegetables and fresh-cut flowers is negative to reflecct its highly leveraged financial profile and participation in the competitive, commodity-oriented, and volatile fresh produce industry, S&P said.
