Moody's rates Fortune Brands notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Fortune Brands, Inc.'s new $500 million five-year issue.

At the same time, prospective ratings of provisional Baa2 and provisional Ba1 were assigned to the company's senior and preferred tranches on its recently filed shelf, the agency said, adding that all of the ratings are on review for possible downgrade.

The agency said that Fortune Brands' Baa2/ P-2 ratings reflect strong investment-grade qualitative factors such as its scale, product diversification and strength of brand franchise, combined with weaker quantitative factors that deteriorated in 2008 due to the challenges faced by the company in light of the economic downturn.

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