Ratings agency Moody's Investors Service has boosted Dole Food Company's debt rating to a higher degree of 'junk' status, while confirming that the group's rating outlook remained stable.
According to the Associated Press, Moody's upgraded the fruit and vegetable producer's corporate family rating to 'B1' from 'B2' and assigned 'Ba2' ratings to the US multinational's proposed senior secured term loan facilities.
The change in status was a result of an improved operating performance and financial metrics, as well as an improved debt maturity schedule, Moody's said.
Last week, Dole announced improved operating results for 2009,with adjusted earnings before interest, taxation, depreciation andamortisation (EBITDA) increasing to US$417m, up from US$410m in 2008.
According to the group, lower year-end net debt fellto US$1.478bn (€1.1bn), down from US$2.113bn (€1.5bn) in 2008, with the group's leverageration down to 3.5 times from 5.2 times last year.
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