Moody’s changes Bellisio Foods to stable

Moody's Investors Service said it changed Bellisio Foods, Inc.'s rating outlook to stable from negative and affirmed its corporate family rating and probably of default rating at B3 and Caa1-PD, respectively.

At the same time, the agency affirmed the B3 (LGD3) ratings on the company's existing senior secured credit facilities.

The stabilization of the outlook reflects Moody's view that liquidity has improved since the negative outlook was assigned in May 2015.

"The company's liquidity has improved. Cash balances have grown and financial covenant headroom has widened since 1Q15 when Bellisio needed a $6 million equity cure to remain in compliance with its net leverage covenant," Moody's analyst Brian Silver said in a news release

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