Moody's ups Southern States

Moody's Investors Service said it upgraded Southern States Cooperative, Inc.'s corporate family and probability-of-default ratings to B1 from B2 and its $87 million senior unsecured notes due 2010 to B3 (LGD5, 85%) from Caa1 (LGD5, 81%).

The company's SGL-2 rating was affirmed.

The outlook is stable. This action concludes the review for upgrade that began on Sept. 30.

Moody's said the upgrade reflects continued momentum in sales and operating earnings as the company executes growth initiatives.

The upgrade also reflects the company' solidified liquidity position following execution of a new revolving credit facility for $300 million, which closed in October.

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