S&P affirms M-Foods, rates loan BB-

Standard & Poor's said it affirmed its B+ corporate credit rating, on M-Foods Holdings Inc. and Michael Foods Inc.

At the same time, the agency said it removed the ratings from Creditwatch with negative implications, where they were placed on May 24, following the company's announcement that its parent, M-Foods, signed a definitive agreement to be acquired by GS Capital Partners.

The outlook is negative.

At the same time, the agency said it assigned its BB- issue rating, one notch higher than the corporate credit rating, to the company's proposed senior secured credit facilities, which consist of a new $75 million revolving credit facility maturing 2015 and a new $790 million term loan B due 2016.

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