Moody's may boost Southern States

Moody's Investors Service said it placed Southern States Cooperative, Inc.'s corporate family, probability of default, and senior unsecured note ratings on review for a possible upgrade, adding that LGD assessments are subject to change.

The SGL-2 speculative-grade liquidity rating was affirmed, Moody's said, adding that the review for possible upgrade of the company's ratings reflects continued positive momentum in sales and operating earnings as the company successfully executes growth initiatives and realizes positive impacts on key credit metrics.

The review is also prompted by the company's current syndication of an amended and restated asset based revolving credit facility which will provide it with greater availability and an extension in expiration, the agency added.

Affected ratings include the company's corporate family rating at B2, probability of default rating at B2 and $87 million guaranteed senior unsecured notes due 2012 at Caa1.

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