Moody's confirms McCormick

Moody's Investors Service said it confirmed the A2 long-term and the Prime-1 short-term ratings of McCormick and Co.

The outlook is stable.

This action concludes the review for downgrade that began on Nov. 14, 2007 following McCormick's announcement that it would acquire assets related to the Lawry's and Adolph's seasoning brands from Unilever for more than $600 million in cash. McCormick expects to complete the acquisition on or about July 31.

"Since the acquisition was announced last November, McCormick has generated stable cash flows and built up sufficient financial cushion, partly by suspending its share repurchase activity, to hold the ratings," Moody's senior analyst Brian Weddington said in a written statement.

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