Moody's ups Darling

Moody's Investors Service said it upgraded Darling International Inc.'s corporate family and probability of default ratings to Ba2, upgraded the senior secured bank credit facilities to Ba1 from Ba2 and the senior unsecured notes to Ba3 from B2, and assigned a positive outlook.

Moody's said the action was based on the significant improvement in the company's debt capital structure and the attractive operating environment for most of Darling's products.

The agency said the upgrade also reflects its recognition that the relatively smooth integration of the Griffin Industries acquisition has led to a stronger market position for the company and good efficiencies.

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