Moody's rates Food Service Project notes B1

Moody's Investors Service said it rated Food Service Project, SA's planned €250 million of senior unsecured notes B1.

Food Service Project will issue the notes and its parent company, Alsea SAB de CV and some of Alsea's operating subsidiaries that account for around 95% of Alsea's consolidated EBITDA will guarantee the notes. Alsea's B1 ratings and stable outlook remain unchanged, the agency said.

“The issuance is part of Alsea's liability management with the objective of extending the company's debt maturity profile while reducing its cost of debt. The new issuance will not affect the company's debt protection metrics because the proceeds of the new notes will be used to refinance existing debt instruments,” Moody’s said in a press release.

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