Moody’s raises Milk Specialties, loans to B2

Moody's Investors Service said it upgraded Milk Specialties Co.’s corporate family rating and probability of default rating to B2 from Caa1 and to B3-PD from Caa2-PD, respectively.

The agency also raised the company’s senior secured revolving credit facility and senior secured first-lien term loan to B2 from Caa1.

Moody’s said the two-notch upgrade largely reflects Milk Specialties’ rapid and significant improvement in credit metrics as a result of strengthening operating performance and material debt repayment.

The agency believes that the company's lower debt balance will enable it to better maintain credit metrics appropriate for a B2 rating during periods of rising input prices.

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