Moody’s reviews Flavors Holdings, loans

Moody's Investors Service said it placed Flavors Holdings Inc.'s B2 corporate family rating, B2-PD probability of default rating, B2 first-lien revolver and term loan and Caa1 second-lien term loan ratings on review for downgrade.

The review for downgrade reflects the agency’s concerns about ongoing declines in the company's revenue, earnings and free cash flow and its weakening liquidity profile due in part to its intention to materially increase brand support in 2016.

The review will focus on Flavors Holdings' business prospects and strategies, as well as its liquidity profile. It will also consider the possibility for strategic or other support, if needed, from its sponsor, MacAndrews & Forbes, Moody’s said.

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