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Moody’s drops Post, debt
Moody's Investors Service said it downgraded Post Holdings, Inc.’s corporate family rating to B2 from B1, senior secured debt rating to Ba2/LGD2 from Ba1/LGD2 and senior unsecured debt rating to B3/LGD5 from B2/LGD4.
The agency also upgraded the company's speculative grade liquidity rating to SGL-2 from SGL-3.
The outlook is stable.
This action concludes the review for downgrade that began on Jan. 26 following Post's announcement that it agreed to acquire cereal maker MOM Brands Co. for $1.15 billion.
Post plans to fund the MOM Brands acquisition primarily through a proposed $700 million senior secured term loan, to which Moody's has assigned a Ba2 rating, and about $440 million of common equity, about $100 million of which will be issued to the seller.
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