Moody's: High Liner loan B2

Moody's Investors Service said it assigned a B1 corporate family rating to High Liner Foods, Inc. Concurrently, Moody's assigned a B2 rating to the company's proposed $250 million senior secured term loan due 2017.

The outlook is stable.

Moody's said the B1 corporate family rating reflects High Liner's narrow focus in the North American frozen seafood market, exposure to volatile seafood prices, and integration risks upon completion of the Icelandic USA acquisition.

The rating incorporates High Liner's high post acquisition leverage and Moody's expectation that leverage will gradually improve as acquisition synergies are realized.

It is further supported by High Liner's historically conservative financial policies and adequate liquidity, Moody's said.

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