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Rating Action:

Moody's changes ratings on 106 US Consumer products companies under LGD rating methodology

21 Sep 2006

Part 1 of 2

New York, September 21, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the US Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors. These six sectors included one hundred and five companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Attached is a list of the rating actions for the US Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Collins & Aikman Floorcoverings, Inc., B2

PDR: B2

$50 million senior secured revolver, B1 --> Ba2, LGD 2, 14%

$31 million senior secured term loan, B1 --> Ba2, LGD 2, 14%

$165 million 9.75% senior subordinated notes due 2010, Caa1 --> B3, LGD 4, 69%

Dixie Group, Inc. (The), B1

PDR: B1

$22 million convertible subordinated debentures due 2012, B3 --> B3, LGD 6, 90%

Interface, Inc., B2

PDR: B2

$117 million 7.3% senior notes due 2008, B2 --> B2, LDG 3, 49%

$175 million 10.375% senior notes due 2010, B2 --> B2, LDG 3, 49%

$135 million 9.5% senior subordinated notes due 2014, Caa1 --> Caa1, LDG 5, 89%

Polymer Group, Inc., B1

PDR: B2

$45 million senior secured revolver due 2010, B1 --> B1, LDG 3, 33%

$410 million senior secured term loan B due 2012, B1 --> B1, LDG 3, 33%

Springs Window Fashions, LLC, B1

PDR: B2

$250 million term loan due 2013, B1 --> Ba3, LGD 2, 29%

$100 million revolver due 2011, B1 --> Ba3, LGD 2, 29%

Unifi, Inc., B3

PDR: B3

$190 million senior secured notes due 2014 , Caa1 --> Caa1, LDG 4, 61%

Alliance One International, Inc., B2

PDR: B2

$300 million Senior Secured Revolver, B2 --> B1, LGD3, 37%

Intabex Netherlands, B.V.

$150 million Senior Secured Term Loan, B2 --> B1, LGD3, 37%

Intabex Netherlands, B.V.

$200 million Senior Secured Term Loan, B2 --> B1, LGD3, 37%

$315 million Senior Notes, B3 --> B2, LGD4, 53%

$90 million Senior Sub Notes, Caa2 --> Caa1, LGD6, 95%

American Safety Razor Company, B2

PDR: B2

$35 million 1st Lien Revolving Credit, B2 --> B1, LGD3, 38%

$225 million 1st Lien Term Loan, B2 --> B1, LGD3, 38%

$175 million 2nd Lien Term Loan, Caa1 --> B3, LGD4, 58%

Bare Escentuals Beauty, Inc., B2

PDR: B2

$25 million 1st Lien Revolver, B1 --> Ba2, LGD2, 22%

$359 million 1st Lien Term Loan, B1 --> Ba2, LGD2, 22%

$234 million 2nd Lien Term Loan, B3 --> B3, LGD4, 69%

Central Garden & Pet Company, Ba3

PDR: Ba3

$350 million Senior Secured Revolver, Ba2 --> Ba2, LGD3, 38%

$300 million Senior Secured Term Loan, Ba2 --> Ba2, LGD3, 38%

$150 million Senior Subordinated Notes, B2 --> B2, LGD5, 88%

Chattem Inc., Ba3

PDR: Ba3

$125 million Senior Subordinated Notes, B2 --> B1, LGD5, 76%

Church & Dwight Company Inc., Ba2

PDR: Ba2

$100 million Revolving Credit, Ba2 --> Baa3, LGD2, 23%

$531 million Senior Secured Term Loan, Ba2 --> Baa3, LGD2, 23%

$100 million Convertible Debentures, Ba2 --> Ba2, LGD4, 59%

$250 milion Senior Subordinated Notes, Ba3 --> Ba3, LGD5, 85%

Del Laboratories, B3

PDR: B3

$185 million Senior Secured Notes, B2 --> B1, LGD2, 27%

$174 million Senior Subordinated Notes, Caa2 --> Caa2, LGD5, 81%

Elizabeth Arden, Ba3

PDR: Ba3

$225 million Senior Subordinated Notes, B2 --> B1, LGD4, 70%

FGX International Limited, B2

PDR: B2

$15 million 1st Lien Revolver, B2 --> B1, LGD3, 35%

$150 million 1st Lien Term Loan, B2 --> B1, LGD3, 35%

$50 million 2nd Lien Term Loan, B3 --> Caa1, LGD5, 84%

Hines Nurseries, B3

PDR: B3

$100 million Senior Secured Revolver, B2 --> Ba3, LGD2, 12%

$175 million Senior Unsecured Bonds, Caa2 --> Caa1, LGD4, 68%

Jafra Worldwide Holdings, Ba3

PDR: Ba3

Jafra Cosmetics International, Inc.

$130 million Senior Subordinated Notes, B2 --> B1, LGD4, 60%

North Atlantic Trading Company, B3

PDR: B3

$200 million Senior Notes, Caa1 --> Caa1, LGD4, 58%

North Atlantic Holding Company

$35 million Senior Discount Notes (NATH), Ca --> Caa2, LGD6, 94%

Playtex Products, Inc., B2

PDR: B2

$100 million Senior Secured Revolver, B1 --> Ba2, LGD2, 19%

$290 million Senior Secured Notes, B2 --> Ba3, LGD2, 27%

$321 million Senior Sub Notes, Caa1 --> Caa1, LGD5, 80%

Prestige Brands, Inc., B1

PDR: B1

$60 million Senior Secured Revolver, B1 --> Ba3, LGD3, 38%

$365 million Senior Secured Term Loan, B1 --> Ba3, LGD3, 38%

$126 million Senior Subordinated Notes, B3 --> B3, LGD6, 90%

Revlon Consumer Products Corporation, B3

PDR: B3

$160 million Revolver , B2 --> Ba3, LGD2, 11%

$800 million Term Loan, B3 --> B2, LGD3, 34%

$387 million Senior Notes, Caa2 --> Caa1, LGD4, 61%

$217 million Senior Sub Notes, Caa3 --> Caa2, LGD6, 93%

Reynolds American, Inc., Ba2

PDR: Ba2

$550 million Senior Secured Revolver, Ba1 --> Baa2, LGD2, 12%

$1,550 million Senior Secured Term Loan, Ba1 --> Baa2, LGD2, 12%

$1,641 million Secured Notes, Ba2 --> Ba3, LGD4, 66%

$1,286 million Secured Notes, Ba2 --> Ba3, LGD4, 66%

R.J. Reynolds Tobacco Holdings, Inc.

$161 million GTD Unsecured Notes, B1 --> Ba3, LGD5, 73%

R.J. Reynolds Tobacco Holdings, Inc.

$89 million Unsecured Notes, B2 --> B1, LGD6, 96%

The Scott's Miracle Gro Company, Ba1

PDR: Ba1

$200 million Senior Subordinated Notes, Ba2 --> Ba2, LGD6, 93%

Spectrum Brands, B3

PDR: B3

$300 million Revolving Credit, B2 --> B1, LGD2, 27%

$1,143 million Term Loan, B2 --> B1, LGD2, 27%

$700 million Senior Subordinated Notes, Caa2 --> Caa2, LGD5, 82%

$350 million Senior Subordinated Notes, Caa2 --> Caa2, LGD5, 82%

Universal Corporation, Ba1

PDR: Ba1

$563 million MTN, Ba1 --> Ba2, LGD5, 73%

VJCS Acquisition, Inc., B2

PDR: B2

$30 million Senior Secured Revolver, B2 --> B1, LGD3, 38%

$160 million Senior Secured Term Loan, B2 --> B1, LGD3, 38%

$55 million Senior Subordinated Mezz Loan, Caa1 --> Caa1, LGD5, 88%

Ames True Temper, Caa1

PDR: Caa1

$150 million senior unsecured notes, Caa2 --> Caa1, LGD 3, 49%

$150 million senior subordinated notes, Caa3 --> Caa3, LGD 5, 87%

Bombardier Rec Products, B1

PDR: B1

$250 million secured revolver, Ba2 --> Ba2, LGD 2, 25%

$880 million secured term loan, B1 --> B1, LGD 4, 51%

Directed Electronics, B1

PDR: B2

$100 million senior secured revolver, B1 --> B1 , LGD 3, 32%

$307 million senior secured term loan, B1 --> B1 , LGD 3, 32%

Fender Musical Instruments, B2

PDR: B2

$50 million 1st lien senior secured revolver, B2 --> B1, LGD 3, 34%

$170 million senior secured term loan, B2 --> B1, LGD 3, 34%

$100 million securd second lien , Caa1 --> Caa1, LGD 5, 84%

Hillman Companies, B2

PDR: B2

$40 million senior secured revolver, B2 --> Ba3 , LGD 2 , 23%

$235 million senior secured term loan, B2 --> Ba3 , LGD 2 , 23%

Interactive Health, Caa1

PDR: Caa1

$100 million senior discount notes, Caa1 --> Caa2, LGD 4, 63%

Knoll, Ba3

PDR: B1

$200 million senior secured revolver, Ba3 --> Ba2, LGD 2, 27%

$250 million senior secured term loan, Ba3 --> Ba2, LGD 2, 27%

National Bedding, B1

PDR: B1

$50 million first lien senior secured revolver, B1 --> Ba3, LGD 3, 36%

$360 million first lien senior secured term loan, B1 --> Ba3, LGD 3, 36%

$160 million second lien senior secured term loan, B3 --> B3, LGD 5, 86%

Rinker Boats, B2

PDR: B2

Senior secured revolver, B2 --> B1, LGD 3, 40%

Senior secured term loan, B2 --> B1, LGD 3, 40%

Sealy Mattress Company, Ba3

PDR: Ba3

$565 million senior secured term loan, Ba3 --> Ba1, LGD 2, 25%

$125 million senior secured revolver, Ba3 --> Ba1, LGD 2, 25%

$390 million senior subordinated notes, B2 --> B2, LGD 5, 81%

Simmons Company, B2

PDR: B2

$492 million secured term loan, B2 --> Ba3, LGD 2, 27%

$75 million secured revolver, B2 --> Ba3, LGD 2, 27%

$200 million subordinated notes, Caa1 --> B3, LGD 5, 73%

$269 million discount notes, Caa2 --> Caa1, LGD 6, 91%

Steelcase, Ba1

PDR: Ba1

$250 million senior unsecured notes, Ba1 --> Ba1, LGD 4, 59%

Steinway Musical Instrument, Ba3

PDR: Ba3

$175 million senior unsecured notes, Ba3 --> B1, LGD 4, 64%

Tempur Pedic, Ba3

PDR: Ba3

$98 million senior subordinated notes, B2 --> B2, LGD 6, 91%

Birds Eye Foods, Inc., B1

PDR: B1

$200M Sr Sec Revolver due 8/07, B1 --> Ba3, LGD3, 41%

$270M Sr Sec Term Ln due 8/08, B1 --> Ba3, LGD3, 41%

$50M 11 7/8% Sr Sub Notes, B3 --> B3, LGD5, 89%

Bumble Bee Foods, LLC, Ba3

PDR: B1

$75M Revolving Credit due 2011, Ba3 --> Ba3, LGD2, 29%

$200M Term Loan B due 2012, Ba3 --> Ba3, LGD2, 29%

CTI Foods Holding Co, LLC, B2

PDR: B2

$120MM Sr. Secured Term Loan due 2012, B2 --> B3, LGD4, 67%

Eagle Family Foods, Inc., Caa1

PDR: B3

$115MM 8.75% sr. sub notes due Jan.2008, Caa3 --> Caa2, LGD5, 87%

Lenox Group, Inc., B1

PDR: B2

$175M Gtd Sr Sec RCF 2010 (ABL), Ba3 --> Ba2, LGD2, 18%

$100M Gtd Sr Sec Term Ln 2011, B1 --> B1, LGD3, 30%

Libbey Glass Inc., B2

PDR: B2

$306M Sr Secured Notes 2011, B2 --> B2, LGD3, 49%

Michelina's, Inc., B1

PDR: B1

$30M Sr Secured Revolver due 4/2009, B1 --> B1, LGD4, 57%

$175M Sr Secured Term Loan due 4/2011, B1 --> B1, LGD4, 57%

Otis Spunkmeyer, Inc., B1

PDR: B1

$22.5M Senior Secured Revolver, B1 --> Ba3, LGD3, 40%

$170M Senior Term Loan B-1, B1 --> Ba3, LGD3, 40%

Pierre Foods, Inc., B1

PDR: B1

$40M Sr Secured Revolver 2009, B1 --> Ba2, LGD2, 28%

$150M Sr Secured Term Loan 2010, B1 --> Ba2, LGD2, 28%

$125M 9.875% Sr Sub Notes due 2012, B3 --> B3, LGD5, 82%

Samsonite Corporation*, B1

PDR: B1

$121.5 (€100) FltRt SrUnsecNotes 6/2010, B1 --> Ba3, LGD3, 30%

$205 8.875% SrSub Notes due 6/1/2011, B3 --> B3, LGD5, 80%

Southern States Cooperative Inc., B2

PDR: B2

$100M 10 1/2% Sr Unsecured Notes, B3 --> Caa1, LGD5, 80%

Da-Lite Screen Company, Inc., B2

PDR: B2

$160 million senior unsecured notes, B2 --> B2, LGD4, 52%

Hunter Fan Company, B1

PDR: B2

$50 million senior secured revolver, B1 --> Ba3, LGD2, 27%

$150 million senior secured term loan, B1 --> Ba3, LGD2, 27%

Jarden Corporation, B1

PDR: B1

$200 million senior secured revolver, B1 --> Ba3, LGD3, 41%

Senior secured term loan, B1 --> Ba3, LGD3, 41%

$180 million senior subordinated notes, B3 --> B3, LGD6, 91%

Oreck Corporation, B1

PDR: B2

$20 million senior secured revolver, B1 --> B1, LGD2, 29%

$195 million senior secured term loan, B1 --> B1, LGD2, 29%

Rexair Holdings, Inc., B1

PDR: B2

$20 million senior secured revolver, B1 --> B1, LGD3, 34%

$120 million senior secured 1st lien term loan B, B1 --> B1, LGD3, 34%

Salton, Inc., Caa1

PDR: Caa1

$150 million senior subordinated notes, Ca --> Caa3, LGD6, 91%

ACCO Brands Corporation, Ba3

PDR: Ba3

$340M senior secured term loan due 2012, Ba3 --> Ba1, LGD2, 27%

$130M senior secured revolving credit facility due 2010, Ba3 --> Ba1, LGD2, 27%

$350M senior subordinated notes due 2015, B2 --> B2, LGD5, 87%

ACCO Netherland Holdings BV

68.2M euro term loan facility due 2010, Ba3 --> Ba1, LGD2, 27%

ACCO Brands Europe Ltd.

63.6M sterling term loan facility due 2010, Ba3 --> Ba1, LGD2, 27%

$20M revolving credit facility due 2010, Ba3 --> Ba1, LGD2, 27%

American Achievement Group Holding Corp., B2

PDR: B2

$150M 12.75% senior PIK notes due 2012, Caa2 --> Caa1, LGD5, 89%

AAC Group Holding Corp.

$131M 10.25% senior discount notes due 2012, Caa1 --> B3, LGD4, 69%

American Achievement Corporation

$150M senior subordinated notes due 2012, B2 --> B1, LGD3, 41%

$107M senior secured term loan due 2011, Ba3 --> Ba2, LGD1, 9%

$40M senior secured revolving credit facility due 2010, Ba3 --> Ba2, LGD1, 9%

American Greetings Corporation, Ba1

PDR: Ba1

$300M sr sec delay draw term loan due 2013, Ba1 --> Baa3, LGD2, 28%

$350M senior secured revolving credit facility due 2011, Ba1 --> Baa3, LGD2, 28%

$200M senior unsecured notes due 2016, Ba2 --> Ba2, LGD5, 81%

$22.7M senior unsecured notes due 2028, Ba2 --> Ba2, LGD5, 81%

Blyth, Inc., Ba3

PDR: Ba3

$125M senior unsecured bonds due 2009, Ba3 --> Ba3, LGD4, 55%

$100M senior unsecured bonds due 2013, Ba3 --> Ba3, LGD4, 55%

Easton-Bell Sports, Inc., B1

PDR: B1

$140M senior subordinated notes due 2012, B3 --> B3, LGD5, 88%

$70M senior secured revolving credit facility due 2012, B1 --> Ba3, LGD3, 37%

$335M senior secured term loan due 2012, B1 --> Ba3, LGD3, 37%

Easton Sports Canada, Inc.

CDn 12M senior secured revolving credit facility due 2012, B1 --> Ba3, LGD3, 37%

Home Products International, Inc., Caa1

PDR: Caa1

$116M senior subordinated notes due 2008, Caa3 --> Caa2, LGD5, 73%

K2 Inc., Ba3

PDR: Ba3

$200M senior unsecured notes due 2014, B1 --> B1, LGD4, 61%

Pure Fishing, Inc., B1

PDR: B1

$160M first lien senior secured term loan due 2010, B1 --> Ba3, LGD3, 39%

$45M first lien senior secured revolving credit facility due 2009 , B1 --> Ba3, LGD3, 39%

$35M second lien senior secured term loan due 2011, B2 --> B3, LGD5, 87%

Recycled Paper Greetings, Inc., B2

PDR: B2

$120M first lien senior secured term loan due 2011, B2 --> Ba3, LGD3, 30%

$20M first lien senior secured revolving credit facility due 2010, B2 --> Ba3, LGD3, 30%

$77M second lien senior secured term loan due 2012, Caa1 --> Caa1, LGD5, 85%

Remington Arms Company, Inc., B3

PDR: B3

$200 senior unsecured notes due 2011, Caa1 --> Caa1, LGD4, 63%

True Temper Sports, Inc., B2

PDR: B2

$125M senior subordinated notes due 2011, Caa1 --> Caa1, LGD5, 78%

$111M senior secured term loan B due 2011, B2 --> Ba2, LGD2, 22%

$20M senior secured revolving credit facility due 2009, B2 --> Ba2, LGD2, 22%

Tupperware Brands Corporation, Ba2

PDR: Ba3

$715M senior secured term loan due 2012, Ba2 --> Ba1, LGD2, 25%

$200M senior secured revolving credit facility due 2010, Ba2 --> Ba1, LGD2, 25%

* Denotes that ratings may be under review

New York
Janice Hofferber, CFA
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Angela Jameson
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's changes ratings on 106 US Consumer products companies under LGD rating methodology
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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