Moody's upgrades Wrigley

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of the Wm. Wrigley Jr. Co. to Ba1 from Ba2, along with its $200 million senior secured revolving credit facility due 2014 to Baa1 from Baa2, $149 million senior secured bank term loan due 2014 to Baa1 from Baa2 and $1.8 billion of senior secured notes due 2011 to 2014 to Baa1 from Baa2.

The outlook is stable.

The upgrades reflect the further progress Wrigley has made in reducing the high financial leverage that resulted from the acquisition of the company in 2008 by Mars, Inc., the agency said.

The upgrades also consider the meaningful operational improvements achieved under the influence of Mars, including significant cost and working capital savings, Moody's said.

The ratings also reflect Wrigley's strong qualitative factors, including its portfolio of well-known confectionary brands, high profit margins and global reach, the agency said.

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