Moody's rates Darling notes Ba3

Moody's Investors Service said it assigned a Ba3 (LGD 5) rating to Darling Ingredients Inc.'s new eight-year $500 million unsecured notes due 2027.

The agency said it expects proceeds to be used to refinance existing debt.

Darling's other ratings are unchanged, including its Ba2 corporate family rating and Ba1 rating on its senior secured bank debt.

The outlook is stable.

The ratings reflect moderately high financial leverage, exposure to raw material price swings and exogenous raw material supply risk, Moody's said.

The rating also consider its good geographic and end-market diversity, along with use of raw material pricing formulas to help reduce volatility in the majority of its business, the agency said.

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