Moody’s upgrades Wrigley

Moody's Investors Service said it upgraded the senior unsecured debt rating of Wm. Wrigley Jr. Co. to A1 from A2.

The agency said the upgrade follows the provision of a guarantee for all of Wrigley's 144A debt by parent company, Mars, Inc.

The outlook is stable.

The upgrade reflects the guarantee and Moody's view that the credit risk of Mars is superior to that of its subsidiary given the greater scale and diversification of the parent, the agency said.

“Mars has a very strong credit profile, with more than $35 billion of sales across a diversified global portfolio that includes global confectionary (gum, mint and chocolate), pet food, pet health care and other food and beverage businesses,” Moody’s said in a news release.

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