Moody’s cuts High Ridge, view to stable

Moody’s Investors Service said it downgraded the corporate family rating of High Ridge Brands Co. to C from Caa2, and its probability of default rating to D-PD from Caa2-PD. Moody’s also downgraded the company’s unsecured notes to C from Caa3.

“The downgrade reflects a missed interest payment, which Moody’s considers a default. High Ridge did not make interest payments under its secured credit agreement due September 30, 2019 or on its unsecured notes due on September 15, 2019. High Ridge has executed forbearance agreements with significant majorities of each tranche of its funded debt, following discussions with those groups, prior to skipping interest payments to provide time needed to explore its strategic alternatives with those parties,” said Moody’s in a press release.

The rating outlook is stable.

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