Moody’s cuts Give & Go, facilities

Moody's Investors Service said it downgraded Give & Go Prepared Foods Corp.'s corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD and senior secured first-lien credit facilities to B3 from B1.

The outlook was changed to stable from negative.

"Give & Go was downgraded because Moody's expects leverage to increase to 8x for fiscal 2018 due to cost pressures and will likely not improve meaningfully in fiscal 2019, free cash flow will continue to be negative and execution risks exist on its operational improvement plans," Moody's vice president and senior analyst Peter Adu said in a news release.

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