Moody’s assigns JDE Peet Ba1

Moody’s Investors Service said it assigned a first-time corporate family rating of Ba1 and a probability of default rating of Ba1-PD to JDE Peet’s NV. The outlook is positive.

“The Ba1 rating of JDE Peet’s is supported by its strong market position and global foothold in the growing coffee industry, and its solid and stable free cash flow generation,” says Paolo Leschiutta, a Moody’s senior vice president and lead analyst for JDE Peet’s, in a press release.

JDE Peet’s positive outlook reflects Moody’s expectation of sustained and progressive deleveraging over the next 12 to 18 months, as well as the expectation the company should be able to weather any adverse consequences from the pandemic, while implementing a simplified capital structure in line with investment-grade standards, the agency said.

Concurrently, Moody’s changed the outlook to positive from stable on the Ba1 ratings of Jacobs Douwe Egberts Holdings BV (JDE) and its financing subsidiary, Jacobs Douwe Egberts International BV.

Moody’s affirmed all the ratings of JDE, including the Ba1 corporate family rating, the Ba2-PD probability of default rating and the Ba1 senior secured rating assigned to the €5.47 billion credit facilities outstanding as of June, including the €500 million undrawn revolver, borrowed by Jacobs Douwe Egberts International.

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