| S&P Press release Standard & Poors may now cut Ocean Spray Cranberries ratings NEW YORK, Dec 20 - Standard & Poor's single-'A' long-term corporate credit and senior debt ratings, its triple-'B'-plus preferred stock rating, and its 'A-1' short-term corporate credit and commercial paper ratings for Ocean Spray Cranberries Inc. remain on CreditWatch, where they were placed Sept. 30, 1999; however, the implications are revised to negative from developing. The rating action follows the decision by Ocean Spray's Board of Directors to not pursue the sale of all or part of the company after an internal review facilitated by outside consultants. Ocean Spray will be challenged to sustain recent market share improvements over the long term given its stepped-up level of promotional activities. Additionally, Ocean Spray is likely to name a new chief executive officer over the near term, which leads to some uncertainty regarding the long-term strategic direction and financial policies of the cooperative. Standard & Poor's will continue to monitor events and re-visit with management to discuss operating performance and financial strategies going forward. Ocean Spray is a marketing cooperative owned by cranberry and citrus growers in the U.S. and Canada. The company supplies blended juices and fresh cranberries and grapefruit. Ocean Spray handles roughly 70% of the North American cranberry crop and has a major position in the Florida grapefruit industry.
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