Moody’s cuts Euro Ethnic loans to B2

Moody’s Investors Service said it trimmed the ratings on Euro Ethnic Foods Bidco SAS’ €465 million senior secured first-lien term loan and €50 million senior secured revolver to B2 from B1.

In May, Euro Ethnic repaid the balance of its outstanding second-lien debt, which removed a layer of loss-absorbing debt and led to the downgrade, Moody’s said.

However, the agency affirmed Euro Ethnic’s B2 long-term corporate family rating and B2-PD probability of default rating.

The outlook is stable.

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