Moody's upgrades Snow Brand

Moody's Investors Service said it upgraded Snow Brand Milk Products Co. Ltd.'s senior unsecured long-term debt ratings to B2 from Caa1.

The rating action reflects Snow Brand's recovering operating performance and financial profile, the agency said. The outlook is positive.

Moody's said Snow Brand has successfully reorganized its capital structure and business portfolio in the past few years as per its reconstruction plan, which is heavily supported by its main banks. The company achieved net profit in fiscal 2003, ended March 31, 2004, for the first time in five years.

More than 60% of Snow Brand's outstanding debt is secured. The B2 ratings assigned to senior unsecured bonds continue to incorporate the subordination to the secured bank debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.