Moody's cuts Bellisio loans to B2

Moody's Investors Service said it downgraded the ratings on Bellisio Foods, Inc.'s newly proposed senior secured credit facilities to B2 from B1. The facilities consist of a $30 million revolver, a $162 million term loan, C$20 million term loan and up to $133 million delayed draw term loan.

Concurrently, Moody's affirmed the company's corporate family rating and probability of default rating at B2 and B2-PD, respectively.

Moody's said the downgrade was prompted by a change in the proposed capital structure whereby $25 million of unrated mezzanine notes will now be repaid concurrent with the closing of this financing. The repayment reflects a material reduction of subordinated debt cushion that was provided by the mezzanine notes.

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