S&P Raises Fresh Del Monte Corporate Credit Rating

NEW YORK (AP) — Standard & Poor's raised its corporate credit rating on Fresh Del Monte Produce Inc. one notch higher in the junk category and said it has a positive outlook.

S&P raised its rating to "BB" from "BB-." The rating is now just two notches into non-investment grade status. The rating agency said Del Monte has "a strong liquidity profile and has improved its financial risk profile."

The seller of fruits and vegetables refinanced a revolving credit facility due in November 2009 and a $100 million term loan due in 2011. It had about $166.6 million available under a new $500 million revolver that matures in 2013, as of last month.

The company's shares rose 41 cents to finish at $23.15.