Credit ratings agency Moody's has announced that it has raised the rating of US-based fresh produce multinational Dole Food Company from stable to positive following the group's initial public offering.
Last week, Dole saw its initial publicoffering of 35.7m shares raise US$446.4m (€302m), down on the initial figure ofUS$500m (€338.8m) forecast when the announcement to go public was made in Augustthis year, with the money raised expected to go towards debt reduction.
Moody's upgraded Dole's probability of default rating by one notch, up to B2 from B3, with the positive outlook reflecting a potential improvement in credit protection after debt is paid down, the Associated Press reported.
Stock price actually fell on the group's first day oftrading on the New York Stock Exchange (Friday, 23 October), with sharesclosing at US$12.28, down 1.7 per cent from the opening price ofUS$12.50.
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