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Published on 7/14/2004 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody's may up Snow Brand Milk

Moody's Investors Service has placed the Caa1 senior unsecured debt ratings of Snow Brand Milk Products Co. Ltd. under review for possible upgrade.

Moody's said the rating action reflects Snow Brand's recovering operating performance and financial profile.

Moody's notes that Snow Brand has successfully reorganized its capital structure and business portfolio in the past few years according to its reconstruction plan, which is heavily supported by its main banks.


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