Moody's lowers Wells Enterprises

Moody's Investors Service said it downgraded Wells Enterprises, Inc.'s corporate family rating to B2 from B1 and its probability of default rating to B2-PD from B1-PD.

Concurrently, Moody's downgraded the $235 million senior secured notes due 2020 to B3 from B2.

The outlook is stable.

The downgrade reflects revenue pressure in Well's higher margin branded offerings from a challenging competitive environment in the ice cream and frozen treat category and market share erosion. These factors are contributing to weakened credit metrics and minimal free cash flow.

© 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.