Global credit rating agency Fitch Ratings has revealed that it has upgraded the credit rating of Dole Food Company, the world's largest supplier of fresh fruits and vegetables.
Fitch increased the group's rating from B to B- following a 'significant' decline in debt, according to a report by Market Watch.
In October, Dole secured US$415m (€284m) on net proceeds from an initial public offering, using US$381m (€260m) to repay debt, with the company's current debt levels standing at around US$1.7bn (€1.2bn).
'The upgrade reflects the significant level of debt reduction following Dole's 22 October initial public offering, the elimination of near-term financing risk and continued improvement in the company's cash flow,' Fitch said in a statement.
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