Moody's gives B2 to Financiere Labeyrie

Moody's Investors Service said it gave a first-time B2 corporate family rating and a B2-PD probability of default rating to Financiere Labeyrie Fine Foods SAS.

Concurrently, Moody's assigned B2 ratings to the €455 million senior secured term loan B due July 2026 and to the €65 million senior secured multicurrency revolving credit facility also due in July 2026.

"The B2 rating assigned to Labeyrie is supported by the stable, although mature, nature of the company's products, its leading position in the key markets of France and the U.K., its strong portfolio of well-recognized brands and its ability to generate positive, albeit limited, free cash flow. These strengths mitigate the company's relatively low operating margin compared to other food manufacturers, its high degree of customer concentration, and the seasonality of its earnings and working capital," said Paolo Leschiutta, a Moody's senior vice president and lead analyst for Labeyrie, in a press release.

The outlook is stable.

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