Moody’s ups Chefs' Warehouse

Moody's Investors Service said it upgraded Chefs' Warehouse, Inc.'s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

In addition, Moody's affirmed Chefs' senior secured term loan rated B2 and SGL-2 speculative grade liquidity rating.

The outlook is stable.

“The ratings upgrade reflects Chefs' steady improvement in operating earnings and credit metrics and our view that operating performance will continue to strengthen as management focuses on driving sales and managing costs,” Bill Fahy, Moody's senior credit officer, said in a news release.

“The upgrade also factor in the company's above industry average margins and good liquidity.”

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