Moody’s ups First Quality notes, rates notes B1

Moody's Investors Service said it affirmed the Ba3 corporate family rating and Ba3-PD probability of default rating of First Quality Finance Co., Inc.

At the same time, the agency upgraded the company's existing $600 million guaranteed notes due 2021 to B1 from B2 and assigned a B1 rating to the proposed $500 million eight-year guaranteed senior unsecured notes.

Note proceeds will be used to repay outstanding debt under First Quality's revolving credit facility and for general corporate purposes.

The outlook is stable.

Moody’s said the Ba3 corporate family rating and reflects the company's good market position in private label absorbent hygiene and paper-based products, solid market share and moderate leverage.

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