Standard & Poor's Ratings Services placed its ratings, including its 'B' corporate credit rating, on Boulder Brands Inc. (Nasdaq: BDBD) on CreditWatch with positive implications, meaning that we could either raise or affirm the ratings following the completion of our review.

"The CreditWatch placement follows Pinnacle's announcement that it will be acquiring Boulder Brands," said Standard & Poor's credit analyst Amanda Cusumano.

We believe that Boulder's credit profile will improve with the acquisition by the higher-rated Pinnacle Foods Inc. (BB-/Stable/--). We also believe that Boulder will benefit from Pinnacle's operating scale, innovation expertise, and lean operations, and from being part of a larger and financially stronger company.

We will resolve the CreditWatch listing following the close of the transaction. The ratings for Boulder Brands could potentially be raised as high as Pinnacle's ratings. Subsequently, we will withdraw the ratings on Boulder Brands' debt after it is repaid, which is expected at the close of the transaction.

As of Sept. 30, 2015, the company's lease-adjusted debt outstanding was approximately $317 million.