Moody's: Wrigley view to positive

Moody's Investors Service said it affirmed the Ba1 corporate family rating and the Ba1-PD probability of default rating of Wm. Wrigley Jr. Co. and changed the outlook to positive from stable.

Moody's also affirmed existing ratings of secured debt instruments at Baa1.

The outlook revision to positive reflects Moody's expectation that Wrigley's credit metrics will continue to improve, with leverage decreasing over the next 12 to 18 months as debt is repaid.

The agency said it also reflects its assumption that the capital structure will be simplified when the remaining secured notes mature over the course of the next year.

© 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.