Moody's rates B&G Foods loans Ba2, ups notes to B1

Moody's Investors Service said assigned a Ba2 rating to B&G Foods, Inc.'s senior secured bank credit facilities, upgraded the company's senior unsecured notes to B1 from B2, affirmed its senior subordinated debt rating at Caa1 and its corporate family rating at B2 and applied its new probability-of-default and loss-given default rating methodology to all of the company's long-term ratings.

The outlook on all long-term ratings is stable.

Moody's assigned the following ratings: $25 million senior secured revolving credit facility due 2011, assigned Ba2 (LGD1, 3%); $25 million senior secured term loan due 2011, assigned Ba2 (LGD1, 3%); and probability-of-default rating assigned B2.

Moody's upgraded the following rating: $240 million 8% senior unsecured notes due 2011, upgraded to B1 from B2 (LGD3, 37%).

Moody's affirmed the following ratings: corporate family rating affirmed at B2; $166 million senior subordinated notes, maturing 2016, affirmed at Caa1 (LGD5, 85%).

The assignment of Ba2 ratings to B&G's bank facilities, as well as the rating actions taken in relation to its other debt securities, reflects Moody's new methodology for assigning ratings to individual securities and bank facilities rather than a change in the characteristics of any debt security or bank facility or in the company's fundamental credit profile.

© 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.