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Moody's affirms Ralcorp
Moody's Investors Service said it affirmed the Baa3 long-term debt rating of Ralcorp Holdings, Inc. following the company's announcement that it has reached a definitive agreement to acquire American Italian Pasta Company for $53 per share, or $1.15 billion, in cash.
The board of each company has approved the agreement, the agency said, adding that Ralcorp also announced the completion of two smaller acquisitions that had no affect on the rating.
The rating remains stable.
The affirmation of the Baa3 rating is based on Moody's belief that Ralcorp has sufficient financial cushion in its capital structure to complete the proposed acquisition on an all debt-financed basis without materially impairing its credit profile.
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