Fresh Del Monte Produce has seen an increase in its Standard & Poor's (S&P) corporate credit rating, with the financial market intelligence specialist highlighting the group's 'positive outlook'.
According to the Associated Press, S&P raised the US group's rating from BB- to BB, just two notches into 'non-investment' status.
The change was a result of Fresh Del Monte's 'strong liquidity profile', S&P said in a statement, with the group also improving its financial risk profile.
The group's credit rating was boosted by the recent news that it had refinanced its existing credit facility and term loan with a newUS$500m senior secured revolving credit facility, which has a3-and-a-half year term with a scheduled maturity date of 17 January2013.
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