Moody's ups Alberto Culver

Moody's Investors Service said it upgraded to A1 from Baa2 the rating on Alberto Culver Co.'s $150 million worth of 5.15% senior unsecured notes due in June 2020.

The upgrade follows the successful closing of the company's acquisition by Unilever Group for $3.7 billion in cash and the implementation of a guarantee of the notes by Unilever.

The outlook is stable.

This concludes a review for possible upgrade that began in September 2010, Moody's said.

The upgrade reflects Unilever's execution and delivery of a full and unconditional guarantee of punctual payment of all principal, interest and premium, if any, due on Alberto Culver's notes, Moody's said.

The agency said it expects the acquisition to complement Unilever's current portfolio and provide significant synergies.

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