Moody's: Central Garden view stable

Moody's Investors Service said it stabilized Central Garden & Pet Co.'s outlook due to its strong operating performance during the recession and its improved liquidity profile.

Affirmed were Central's B2 corporate family and probability-of-default ratings as well as its Caa1 (LGD5, 88%) senior subordinated notes rating and its B1 (LGD3, 39%) secured credit facility rating.

Moody's also assigned an SGL 2 speculative grade liquidity rating.

"The stable outlook reflects the company's improved operating performance over the last year due to its cost efficiency and working capital reduction efforts coupled with lower raw material costs and better weather conditions," Kevin Cassidy, a senior credit officer at Moody's, said in a statement.

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