Moody’s keeps Pinnacle Foods on review

Moody's Investors Service said it confirmed the Ba3 corporate family rating, Ba3-PD probability of default rating and B2 senior unsecured debt instrument rating of Pinnacle Foods Finance, LLC.

Pinnacle's Ba2 senior secured rating remains under review for downgrade, pending the final structure and terms of a contemplated debt financing, which could affect this rating. The speculative grade liquidity rating, which was not affected by the review, was affirmed at SGL-2.

On Nov. 24, Moody's placed Pinnacle's ratings under review for downgrade following the company's announcement that its parent company, Pinnacle Foods, Inc., entered into a definitive agreement to acquire Boulder Brands, Inc. (B2) for $975 million, including $265 million of net debt. Pinnacle plans to raise $900 million of debt financing and launch a cash tender offer for Boulder Brands shares in the first quarter of 2016.

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