Moody's assigns Signature Foods B2

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Signature Foods BV. The outlook is stable.

Concurrently, the agency withdrew PHM SF Dutch Bidco BV’s B2 CFR, B2-PD PDR and stable outlook. “The withdrawal of the ratings and outlook of PHM SF Dutch Bidco BV and assignment of the ratings and outlook to Signature Foods BV follows a corporate reorganization whereby Signature Foods BV assumed all obligations in respect of the senior secured bank credit facilities. Signature Foods BV is the new top entity of the restricted group,” Moody’s said in a press release.

The B2 ratings on the €341 million senior secured term loan and the €62 million senior secured revolver, both borrowed by Signature Foods, are in line with the CFR, reflecting that these two instruments rank equally and represent substantially all of the company's financial debt, the agency noted.

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