Moody’s views Prestige Brands positively

Moody’s Investors Service said it revised its outlook for Prestige Brands, Inc. to positive from stable and affirmed its ratings, including the Ba1 rating on the senior secured term loan rating, and the B1 rating on its senior unsecured notes.

“The change in the rating outlook to positive from stable reflects Moody's view that Prestige's sizable free cash flow and continued earnings growth could provide Prestige more financial flexibility to pursue acquisitions and maintain more conservative leverage metrics.

“The positive outlook also reflects Moody's expectation that Prestige will generate free cash flow of at least $200 million annually, maintain good liquidity and will seek to delever following acquisitions,” the agency said in a press release.

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