TEXT-S&P says Dole Food ratings unaffected by divestiture announcement
Sept 13 - Standard & Poor's Ratings Services said today that its ratings and outlook on Westlake Village, Calif.-based Dole Food Co. Inc. (B/Developing/--) are unchanged following the company's announcement that it is in advanced negotiations with ITOCHU Corp. (A-/Stable/A-2) for the possible sale of Dole's Packaged Foods and Asia Fresh businesses.
The developing outlook reflects the uncertainty associated with the outcome of Dole's strategic business review, which the company announced in May of this year. Specific information regarding the terms of any potential transaction, including a possible sale of Packaged Food and Asia Fresh, is not yet available, and we will assess the impact on Dole's business risk profile, financial risk profile, and overall corporate credit rating as more information becomes available.
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