Del Monte Foods, Inc. received an upgrade from both Moody and S&P on April 9, nearly a year after the company’s recapitalization during the early stages of the COVID-19 pandemic. Moody’s raised Del Monte’s corporate family rating to B3 while S&P raised its issuer credit rating to B-.
The company successfully completed a recapitalization in the spring of 2020. As such, it raised $1.3 billion in new financings from equity and new debt.
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This included a five-year cooperate note issue of $500 million, $450 million asset-based loans, and $378 million in fresh equity from Del Monte Pacific Limited.
The recapitalization resulted in a stronger balance sheet and a reduction of its loan facilities to $950 million from $1…