Moody’s lifts High Liner Foods

Moody's Investors Service said it upgraded High Liner Foods Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, and its first-lien senior secured term loan to B2 from B3.

The SGL-3 speculative grade liquidity rating is unchanged, and the outlook is stable.

“The upgrade to B1 reflects High Liner's prudent governance management during the pandemic with a track record of maintaining a conservative financial policy with debt/EBITDA remaining between 3x and 4x since 2020,” Dion Bate, a Moody's vice president and lead analyst, said in a news release.

“While inflation and tightening consumer spending could affect consumer demand for High Liner's products, Moody's believes the company's brand strength, good supply chain management and product innovation will support top line growth and stable EBITA margins of around 8% through 2023.”

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