Moody's rates Bacardi bonds Baa1

Moody's Investors Service said it assigned a Baa1 rating to the $300 million 10-year notes issued by Bacardi Ltd.

The outlook remains stable.

Bacardi's ratings reflect the company's solid position in the spirits industry, stable cash flows, strong profitability, moderate leverage profile and a seasoned management team, the agency said.

These positives are offset by the company's more modest size, some concentration on Bacardi rum, exposure to the premium and super premium spirits segment, some structural subordination and private ownership with a less independent board than most public companies, according to the agency.

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