Moody's gives B2 to Signature Foods loans

Moody's Investors Service said it assigned a first-time B2 corporate family rating and a B2-PD probability of default rating to PHM SF Dutch Bidco BV (Signature Foods), the parent company of Signature Foods Holding BV.

Concurrently, Moody's said it assigned B2 ratings to the €341 million senior secured term loan B due 2028 and the €62 million senior secured revolving credit facility due 2027, both to be borrowed by PHM SF Dutch Bidco.

The outlook is stable.

PHM SF Dutch Bidco is a new holding company established as part of the acquisition of Signature Foods by funds advised by Pamplona Capital Management from IK Investment Partners.

“The B2 rating assigned to Signature Foods balances the limitations of its business profile, including geographical concentration and focus on niche product categories, its elevated leverage and risks related to potential acquisitions against the company's leading positions in its core markets, its strong product development capabilities and its solid free cash flow generation capacity,” said Igor Kartavov, a Moody's lead analyst for Signature Foods, in a news release.

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