Moody’s rates Shearer’s Foods loan B3, view to positive

Moody’s Investors Service said it assigned a B3 rating to Shearer’s Foods, LLC’s proposed amended and extended first-lien term loan.

The agency also affirmed the company’s B3 and B3-PD rating and probability of default rating as well as changing the outlook to positive from stable.

“The rating affirmation and positive outlook reflect leverage that although still high, is declining due to improved operating performance. Moody’s expects further improvements in profitability and cash flow as the company benefits from pricing initiatives and SKU rationalization, implements further cost savings initiatives in its supply chain and manufacturing operations and as it cycles one-time costs related to previous acquisitions and subsequent integration challenges,” said Moody’s in a press release.

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