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Moody's cuts Merisant
Moody's Investors Service said it downgraded the senior secured bank facilities of Merisant Co. to Caa1 from B2 and its senior subordinated notes to Ca from Caa2.
Moody's noted it also downgraded the senior subordinated debt of parent Merisant Worldwide to C from Caa3, as well as the corporate family rating to Caa3 from B3.
The outlook is stable.
The agency added the downgrade follows the continuing deterioration in the company's sales, earnings and cash flow, the continuing weakening of the company's debt protection measures and the increased risk that Merisant will be unable to adequately improve its financial flexibility in order to prevent a default on its securities and bank facilities.
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