Moody’s rates Barry Callebaut notes Ba1

Moody's Investors Service said it assigned a provisional Ba1 rating with a loss given default assessment of LGD 4 to the issuance of €350 million of senior unsecured notes by Barry Callebaut Services NV, a fully owned and guaranteed subsidiary of Barry Callebaut AG.

"Our assignment of a (P)Ba1 rating to Barry Callebaut's new senior unsecured notes follows today's announcement by the company of their proposed offering and reflects our expectation that they will rank pari passu with all of the chocolate manufacturer's other senior unsecured debt," Ernesto Bisagno, Moody's vice president, senior analyst and lead analyst for Barry Callebaut, said in a news release.

The company will use the proceeds to reimburse the €175 million term loan falling due mid-June 2016 and to reduce outstanding amounts in respect of other current maturities of bilateral and/or syndicated debt.

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