Moody’s lifts KeHE Distributors

Moody's Investors Service said it upgraded KeHE Distributors, LLC's corporate family rating and probability of default rating to B1 and B1-PD from B2 and B2-PD respectively.

Moody's also upgraded the company's $200 million second-lien notes due 2021 to B3 from Caa1.

The outlook is stable.

“The upgrade reflects operating performance that has exceeded Moody's expectations with top line driving higher earnings that will result in debt/EBITDA below 4.0x in the next 12 months versus our previous estimate of 4.5x,” said Moody's vice president Mickey Chadha.

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