Moody's reviews Pinnacle

Moody's Investors Service said it placed the B3 corporate family rating of Pinnacle Foods Finance, LLC under review for downgrade following the announcement that its wholly owned subsidiary Pinnacle Foods Group has signed a definitive agreement to acquire Birds Eye Foods, Inc. for $1.3 billion.

"While the equity contribution from Blackstone should moderate financial leverage resulting from the deal, we will need to consider the business fundamentals of Pinnacle and Birds Eye on a combined basis, and review deal terms in detail before we can determine whether any of the ratings will be affected," Moody's senior analyst Brian Weddington said in a statement.

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