Moody’s rates Froneri Ba3, withdraws Riviera

Moody's Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Froneri International Ltd.

The outlook is stable.

At the same time Moody's withdrew all ratings of Riviera MidCo SA including its Ba3 corporate family rating, its Ba3-PD probability of default rating and its stable outlook.

The senior secured rating of Ba3 on Froneri's existing bank facility, consisting of around equivalent €1.6 billion term loan and a €220 million revolving credit facility, is unchanged.

The shift of ratings from Riviera MidCo to Froneri follows a reorganization of the broader Froneri group and Moody's understanding that Riviera MidCo is in the process of being liquidated and will cease to exist, the agency explained.

“The Ba3 rating assigned to Froneri reflects the company's sound business profile in light of its strong market position as the second-largest ice cream provider in Europe and the third largest globally, with a well-diversified presence in both mature and emerging markets and a strong portfolio of brands and innovation capabilities,” the agency said in a news release.

© 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.