Moody's lifts Central Garden

Moody's Investors Service said it upgraded Central Garden & Pet Co.'s corporate family rating to B1 based on the company's strong operating performance and its improved liquidity profile.

At the same time, Moody's said it also upgraded the following ratings: probability of default rating to B1, senior subordinated notes rating to B3 and the secured credit facility rating to Ba3.

The SGL 2 speculative-grade liquidity rating was affirmed, the agency said.

The outlook is positive.

"Despite the worst recession in over 70 years, Central Garden's operating performance has gotten much better over the last two years, which, in turn, has enabled it to repay almost $200 million of debt," said Kevin Cassidy, senior credit officer at Moody's Investors Service.

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