Moody's eyes Chobani for upgrade

Moody's Investors Service said it placed Chobani, LLC's ratings on review for upgrade after the company reported it filed to conduct an IPO.

The ratings on review, include the B3 corporate family rating and B3-PD probability of default rating. All other ratings are unchanged, including the B1 rating on the company's senior secured first-lien bank credit facility, the B1 rating on the senior secured notes and the senior unsecured notes’ Caa2 rating.

“Chobani's existing debt ratings are unchanged because the ultimate capital structure post-IPO is uncertain. However, the company's debt ratings could change depending on the CFR and actual post-IPO debt mix in the capital structure,” Moody’s said in a press release.

The review will focus on Chobani's financial leverage after the IPO, financial policies as a public company, debt mix and operating strategy, the agency said.

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