Moody: Bite Finance to stable

Moody's Investors Service said it changed the outlook for Bite Finance International BV to stable from negative.

The corporate family and probability of default ratings are affirmed at Caa1, along with the Caa2 rating on the senior secured notes due 2014 and the Caa3 rating on the stub unsecured notes due 2017.

The stable outlook mainly reflects the relative improvement in Bite's liquidity profile and the company's return to positive free cash flow generation in 2010, Moody's said.

Given that the company does not face material debt maturities before 2014, the improving headroom under its revolver should leave the company with adequate financial flexibility for the next 12 to 18 months, the agency said.

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