Moody's raises Upfield

Moody’s Investors Service said it upgraded Upfield BV’s backed senior secured first-lien term loan due 2025 and on the backed senior secured first-lien revolving credit facility due 2025 to B1 from B2. The agency also raised Sigma Holdco BV’s (Upfield) backed senior unsecured ratings on the €685 million and the $525 million of notes due 2026 to Caa1 from Caa2.

Moody's said it also upgraded to B2 from B3 the long-term corporate family rating and to B2-PD from B3-PD the probability of default rating of Sigma Holdco, the parent company of Upfield BV.

"The rating upgrade reflects the company's recent strong performance and the success demonstrated in managing significant commodity price volatility with only modest volume attrition," said Paolo Leschiutta, a Moody's senior vice president and lead analyst for Upfield, in a press release.

"The action also reflects that the stronger operating performance has led to an improvement in credit metrics, which will support Upfield in addressing its refinancing requirements in due course," added Leschiutta.

The outlook is stable.

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