26th Feb 2019 16:38
LONDON (Alliance News) - Moody's Investors Service on Tuesday placed Saputo Inc's A3 senior unsecured notes ratings and A3 medium term note program rating on review for a possible downgrade.
Moody's decision follows Saputo's acquisition of Dairy Crest Group PLC for GBP975 million, which the company plans to fund with debt.
"The review for downgrade was prompted by the all-debt acquisition of Dairy Crest that will materially increase Saputo's leverage," said Moody's Vice President and Senior Analyst Peter Adu.
Saputo is a Canada-headquartered manufacturer and distributor of dairy products.