Moody’s gives Baa3 to Bright Food notes

Moody's Investors Service said it assigned a provisional Baa3 rating to the euro notes proposed by Bright Food (Group) Co., Ltd.

The notes will be issued by Bright Food Singapore Holdings Pte. Ltd. and irrevocably and unconditionally guaranteed by Bright Food.

At the same time, the agency affirmed the Baa3 issuer ratings of Bright Food and Baa3 senior unsecured debt rating for the dollar-denominated notes issued by Bright Food Hong Kong Ltd. and guaranteed by Bright Food.

The outlook is negative.

Proceeds will be used for debt refinancing of the bridge loan associated with the 2015 acquisition of Tnuva Food Industries (unrated) in Israel.

Moody’s said the rating reflects Bright Food's baseline credit assessment (BCA) of Ba3 and three notches of uplift from the Shanghai municipal government.

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