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Moody's cuts Tom's Foods notes to Caa3
Moody's Investors Service said it downgraded the $60 million senior secured notes of Tom's Foods to Caa3 from B3 and the company's senior implied rating to Caa3 from B3 following the company's failure to make the principal and interest payments due on Nov. 1 when the notes matured.
The downgrade reflects Moody's expectation that the notes would not be covered at par in a refinancing or liquidation.
The outlook remains negative, and ratings could be further downgraded if refinancing of the notes is not accomplished in the near term, Moody's said.
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