Moody's: No changes for American Seafoods

Moody's Investors Service said American Seafoods Group LLC's B2 corporate family rating will not be affected by the postponement of the 'A' season roe auction from March to April, because representatives of purchasers were unable to travel to Seattle following the earthquake and tsunami in Japan.

The ratings are not affected despite the fact that this postponement does shift more than 25% of the company's first quarter earnings to the second quarter .

Due to this shift, the company will have to increase borrowings on its revolving credit line in order to bridge the gap until the auction, Moody's said.

The company has been successful in securing an amendment to its senior secured credit facility to modify the leverage covenant level for the first quarter of 2011, the agency said.

The current ratings incorporate the expectation that the rescheduled auction will be successful in April 2011 and revolver borrowings will begin to be reduced at that time, Moody's added.

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