Moody’s ups Bumble Bee, notes

Moody's Investors Service said it upgraded the corporate family rating of Bumble Bee Holdings, Inc. to B2 from B3, as well as its probability of default rating to B2-PD from B3-PD.

The outlook remains stable.

As a result of this action, the company's senior secured notes due 2017 were upgraded to B2 from B3 and its senior unsecured holdco PIK toggle notes were upgraded to Caa1 from Caa2.

Moody’s said the upgrade primarily reflects improvement in Bumble Bee’s credit metrics and operating performance, which the agency expects to continue in the near- to intermediate-term. Profitability has strengthened despite top-line growth challenges, largely driven by lower fish costs in concert with a demonstrated ability to hold price while maintaining market share in a highly competitive environment.

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