Moody's lifts Windsor Quality Food outlook to positive

Moody's Investors Service said it changed the outlook of Windsor Quality Food Co., Ltd. to positive from stable, following Windsor's progress in reducing leverage and improving financial flexibility as a result of cost cuts and other initiatives that have boosted margins and cash flow generation.

Moody's said it affirmed Windsor's other ratings, including its corporate family rating of B1 and probability of default rating of B2.

Affirmed ratings include the corporate family rating at B1, probability of default rating at B2, $100 million senior secured revolving credit agreement expiring in November 2011 at B1 (LGD 3); LGD percentage to 35% from 38% and $140 million senior secured term loan maturing in November 2012 at B1 (LGD3) ; LGD percentage to 35% from 38%.

Windsor's B1 corporate family rating and B2 probability of default rating incorporate the company's strong market positions in the narrow but fast-growing ethnic frozen foods category, the favorable demographic trends for these products, and improved leverage and profit margins as cost cuts and other initiatives have gained traction, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.