Moody's: Shearer's notes B3

Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to Shearer's Foods, Inc., as well as a B3 rating to its proposed new senior secured notes under the company's proposed new capital structure.

Moody's said the action follows the company's announcement late yesterday that Shearer's is pursuing a recapitalization in conjunction with the company's sale to Wind Point Partners by its original owners, Mistral Partners.

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