Moody's affirms M&G

Moody's Investors Service said it affirmed the B2 corporate family rating with a stable outlook of Mossi & Ghisolfi International SA.

Concurrently, Moody's said it withdrew the provisional B3 rating that it assigned on July 26 to the proposed issuance of $500 million of senior unsecured guaranteed notes by M&G Finance Corp., a U.S. subsidiary of M&G.

Moody's said the reaffirmation of the B2 corporate family rating and stable outlook reflects its recognition of the company's well-established niche market position in North and Latin America and its improved credit metrics as a result of the likelihood that the new bond issuance, and the large capital expenditure plan it was supposed to fund, are likely to be delayed.

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