Chiquita has had its corporate family rating improved from B3 status to B2 by credit ratings agency Moody's, outlining the stable nature of the group's outlook.
At the same time, Moody's upgraded the ratings on the US-based fresh produce multinational's senior unsecured notes to Caa1 from Caa2, and the ratings on the senior secured credit facility of Chiquita Brands LLC to Ba2 from Ba3, Reuters reported.
The group outlined in February a strong set offourth-quarter and full-year results for 2009. The final quarter of the year saw the group post a net loss ofUS$26m (€19m), a considerable improvement on the loss of US$413m (€302.5m) recorded inthe same period of 2008, boosted by a net sales increase to US$879m (€643.8m)from US$839m (€614.6m) during the previous year.
This stronger fourth quarter helped Chiquita push full-year net incometo US$91m (€66.6m) in 2009, or US$2.02 per diluted share, compared with a lossof US$330m (€241.7m) during the previous 12 months.
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