S&P changes Dole view to stable

S&P said it affirmed all its ratings on Dole plc, including the BB issuer credit rating, and revised the outlook to stable from negative.

S&P said Dole’s 2023 operating performance met expectations while the company grew free operating cash flow and repaid debt.

Although debt to EBITDA was elevated at 3.9x at fiscal year-end 2023 because of its inability to complete the divesture of the Fresh Vegetables business due to regulatory constraints, S&P said it believes the company remains committed to more debt repayment and expects leverage to decline to below 3.5x over the next year.

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