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Rating Action:

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

21 Sep 2006

Part 2 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.

AMSCAN HOLDINGS, INC., B2

PDR: B2

$85mm Gtd. Sr. Sec. First Term Revolver (2011), B1 --> Ba3, LGD2, 27%

$325mm Gtd. Sr. Sec First Term Loan (2012), B1 --> Ba3, LGD2, 27%

$60mm Gtd. Sr. Secured 2nd Lien Term Loan (2013), B3 --> B3, LGD4, 64%

$175mm 8.75% Gtd. Sr. Sub. Notes (2014), Caa1 --> Caa1, LGD5, 85%

HEALTHY DIRECTIONS, LLC, B1

PDR: B1

$10mm 1st Lien Gtd. Sr. Sec. Revolver (2009), B1 --> B1, LGD3, 43%

$100mm 1st Lien Gtd. Sr. Sec. Term Loan (2010), B1 --> B1, LGD3, 43%

$15mm 2nd Lien Gtd. Sr. Sec. Term Loan (2011), B3 --> B3, LGD5, 89%

HERBALIFE International, Inc. , Ba1

PDR: Ba2

$100mm Gtd. Sr. Sec. Revolving Credit Facility (2012), Ba1 --> Ba1, LGD2, 27%

$200mm Gtd. Sr. Sec. Term Loan B (2013), Ba1 --> Ba1, LGD2, 27%

LEINER HEALTH PRODUCTS INC., B2

PDR: B2

$50mm Sr. Sec. Revolvng Credit Facility (2009), B2 --> Ba3, LGD2, 28%

$240mm Sr. Sec. Term Loan B (2011), B2 --> Ba3, LGD2, 28%

$150mm 11% Gtd. Sr. Sub. Notes (2012), Caa1 --> Caa1, LGD5, 81%

MAFCO WORLDWIDE CORPORATION, B1

PDR: B2

$15mm Gtd. Sr. Sec. Revolving Credit Facility (2010), B1 --> B1, LGD3, 31%

$110mm Gtd. Sr. Sec. Term Loan (2011), B1 --> B1, LGD3, 31%

NBTY, INC., Ba2

PDR: Ba2

$125mm Gtd. Sr. Sec. Revolver (2008), Ba2 --> Baa3, LGD2, 13%

$120mm Gtd. Sr. Sec. Term Loan A (2010), Ba2 --> Baa3, LGD2, 13%

$200mm 7.125% Gtd. Sr. Sub. Notes (2015), B1 --> Ba3, LGD4, 66%

ORIENTAL TRADING COMPANY, INC., B3

PDR: B3

$50mm Gtd. 1st Lien Sr. Sec Revolver (2012), B3 --> B1, LGD3, 30%

$410mm Gtd. 1st Lien Sr. Sec Term Loan B (2013), B3 --> B1, LGD3, 30%

$180mm Gtd. Sr. Sec. 2nd Lien Term Loan (2013), Caa1 --> Caa2, LGD5, 79%

TARGUS GROUP INTERNATIONAL, INC., B2

PDR: B2

$40mm Gtd. 1st Lien Sr. Sec. Revolver (2011), B2 --> Ba3, LGD2, 27%

Constellation Brands, Inc., Ba2

PDR: Ba2

US$ 500M Sr. Sec. Revolving Credit Facility due 6/5/2011, Ba2 --> Ba2, LGD3, 49%

US$ 1.2B Sr. Sec. Tranche A Term Loan due 6/5/2011, Ba2 --> Ba2, LGD3, 49%

US$ 1.8B Sr. Sec. Tranche B Term Loan due 6/5/2013, Ba2 --> Ba2, LGD3, 49%

8.5% Series B Sr. Unsec. Notes due 11/15/2009 - Sterling Series B Notes, Ba2 --> Ba2, LGD3, 49%

8.5% Series C Sr. Unsec. Notes due 11/15/2009 - Sterling Series C Notes, Ba2 --> Ba2, LGD3, 49%

US$ 200M 8% Sr. Unsec. Notes due 2/15/2008, Ba2 --> Ba2, LGD3, 49%

US$ 700M 7.25% Sr. Unsec. Notes due 9/1/2016, Ba2 --> Ba2, LGD3, 49%

US$ 250M 8.125% Sr. Sub. Notes due 1/15/2012, Ba3 --> B1, LGD6, 95%

Cott Corporation, Ba3

PDR: Ba3

Cott Beverages Inc.

US$ 275M 8% Sr. Sub. Notes due 12/15/2011, B1 --> B1, LGD5, 74%

Culligan International Company, B1

PDR: B1

US$ 110M Sr. Sec. Revolving Credit Facility due 9/30/2010, B1 --> Ba2, LGD2, 20%

US$ 215M Sr. Sec. Term Loan B due 9/30/2011, B1 --> Ba2, LGD2, 20%

Culligan Finance Corporation B.V.

€185M Sr. Sub. Notes due 9/30/2014, B3 --> B3, LGD5, 76%

Dean Foods Company, Ba1

PDR: Ba1

US$1.5B Gtd. Sr. Sec. Revloving Credit Facility due 8/13/2009, Ba1 --> Baa3, LGD3, 37%

US$1.5B Gtd. Sr. Sec. Term Loan A due 8/13/2009, Ba1 --> Baa3, LGD3, 37%

US$ 500M Sr. Unsec. Notes due 6/1/2016, Ba2 --> Ba2, LGD5, 85%

Dean Holding Company

US$ 250M 8.15% Sr. Unsec. Notes due 8/1/2007, Ba2 --> Ba2, LGD5, 85%

US$ 200M 6.625% Sr. Unsec. Notes due 5/15/2009, Ba2 --> Ba2, LGD5, 85%

US$ 150M 6.9% Sr. Unsec. Notes due 10/15/2017, Ba2 --> Ba2, LGD5, 85%

DS Waters Enterprises, LP, B3

PDR: Caa1

US$ 80M Sr. Sec. Revolving Credit Facility due 11/7/08, B2 --> B2, LGD2, 28%

US$ 400M Sr. Sec. Term Loan due 11/7/09, B2 --> B2, LGD2, 28%

Le-Nature's, Inc.*, B1

PDR: B1

US$ 20M Sr. Sec. Revolving Credit Facility 9/1/2010, B1 --> Ba2, LGD2, 27%

US$ 265M Sr. Sec. Term Loan B due 3/1/2011, B1 --> Ba2, LGD2, 27%

US$ 150M 9% Sr. Sub. Notes due 6/15/2013, B3 --> B3, LGD5, 81%

MEGA Brands Inc., Ba3

PDR: B1

US$ 60M Sr. Sec. Revolving Credit Facility due 7/26/2010, Ba3 --> Ba2, LGD2, 24%

US$ 40M Sr. Sec. Term Loan A due 7/26/2010, Ba3 --> Ba2, LGD2, 24%

Mega Bloks US

US$ 40M Sr. Sec. Revolving Credit Facility due 7/26/2010, Ba3 --> Ba2, LGD2, 24%

Mega Bloks Finco

US$ 260M Sr. Sec. Term Loan B due 7/26/2012, Ba3 --> Ba2, LGD2, 24%

RC2 Corporation, Ba2

PDR: Ba3

US$ 100M Sr. Sec. Revolving Credit Facility due 9/14/2008, Ba2 --> Ba2, LGD3, 32%

US$ 85M Sr. Sec. Term Loan 9/14/2008, Ba2 --> Ba2, LGD3, 32%

Sunny Delight Beverages Company, Caa1

PDR: Caa3

US$ 30M Sr. Sec. Revolving Credit Facility due 8/20/2010, Caa1 --> Caa1, LGD2, 24%

US$ 105M Sr. Sec. Term Loan due 8/20/2010, Caa1 --> Caa1, LGD2, 24%

Pinnacle Foods Group Inc., B1

PDR: B1

US$ 130M Sr. Sec. Revolving Credit Facility due 11/25/09, B1 --> Ba3, LGD3, 33%

US$ 550M Sr. Sec. Term Loan B due 11/25/2010, B1 --> Ba3, LGD3, 33%

US$ 143M Sr. Sec. Term Loan B due 11/25/2010, B1 --> Ba3, LGD3, 33%

8.25% Sr. Sub. Notes due 12/1/2013, B3 --> B3, LGD5, 85%

Windsor Quality Food Co. Ltd., B1

PDR: B1

US$ 75M Sr. Sec. Revolving Credit Facility due 12/6/2009, B1 --> Ba3, LGD3, 38%

US$ 45M Sr. Sec. Term Loan A due 12/6/2009, B1 --> Ba3, LGD3, 38%

US$ 100M Sr. Sec. Term Loan B due 12/6/2010, B1 --> Ba3, LGD3, 38%

Agricore United, Ba3

PDR: Ba3

CAD 525 .00M ($468.62M) Sr. Secured Revolving Credit Facility, Ba2 --> Ba2, LGD3, 40%

CAD 100.00M ($89.26M) Sr. Secured Term Loan B in 2013, Ba3 --> Ba2, LGD3, 40%

AU Holdings

CAD 50.00 (US $ 44.63M) Sr. Sec. Term Loan B, Ba3 --> Ba2, LGD3, 40%

American Seafoods Group LLC

US $75.00M Gtd. Sr. Sec. Revolving Credit Facility due 10/01/2011 , B1 --> Ba3, LGD3, 39%

US $125.00M Gtd. Sr. Sec. Term Loan A in 2012, B1 --> Ba3, LGD3, 39%

US $320.00M Gtd. Sr. Sec. Term Loan B in 10/01/2013, B1 --> Ba3, LGD3, 39%

ASG Consolidated LLC, B1

PDR: B1

US $196.00M Sr. Discount Global Notes due 11/01/2011, Caa1 --> B3, LGD6, 90%

Chiquita Brands LLC, B2

PDR: B2

US $24.53M Gtd. Sr. Sec. Term Loan B due 06/08/2012, B1 --> Ba3, LGD2, 26%

US $372.19M Gtd. Sr. Sec.Term Loan C due 06/08/2012, B1 --> Ba3, LGD2, 26%

US $200.00M Gtd. Sr. Sec. Revolving Credit Facility 06/08/2010, B1 --> Ba3, LGD2, 26%

Chiquita Brands International, Inc.

US $250.00M 7.500% Senior Global Notes Due 11/01/2014, B3 --> Caa1, LGD5, 89%

US $225.00M 8.875% Senior Global Notes Due 12/01/2015, B3 --> Caa1, LGD5, 89%

Del Monte Corporation, Ba3

PDR: Ba3

US $350.00M Gtd. Sr. Sec. Revolving Credit Facility due 02/08/2011, Ba3 --> Ba2, LGD2, 29%

US $100.00M Gtd. Sr. Sec. Revolving Credit Facility due 02/08/2011, Ba3 --> Ba2, LGD2, 29%

US $407.00M Gtd. Sr. Sec.Term Loan A due 02/08/2011, Ba3 --> Ba2, LGD2, 29%

US $144.00M Gtd. Sr. Sec.Term Loan B due 02/08/2012, Ba3 --> Ba2, LGD2, 29%

US $680.00M Gtd. Sr. Sec.Term Loan B due 02/08/2012, Ba3 --> Ba2, LGD2, 29%

US $65.00M Gtd. Sr. Sec.Term Loan B due 02/08/2012, Ba3 --> Ba2, LGD2, 29%

US $450.00M 8.625% Gtd. Sr. Sub.Global Notes Due 12/15/2012, B2 --> B2, LGD5, 83%

US $250.00M 6.750% Gtd. Sr. Sub.Global Notes Due 12/15/2015, B2 --> B2, LGD5, 83%

Dole Food Company, Inc.*, B1

PDR: B1

US $225.00M Gtd. Sr. Sec.Term Loan B due 04/12/2013, Ba3 --> Ba2, LGD2, 20%

US $50.00M Gtd. Sr. Sec.Letter of Credit Facility due 04/12/2013, Ba3 --> Ba2, LGD2, 20%

US $400.00M 7.250% Gtd. Global Notes Due 06/15/2010, B3 --> B3, LGD5, 77%

US $350.00M 8.625% Global Notes Due 05/01/2009, B3 --> B3, LGD5, 77%

US $200.00M 8.875% Gtd. Global Bonds due 03/15/2011, B3 --> B3, LGD5, 77%

US $155.00M 8.750% Debentures due 07/15/2013, B3 --> B3, LGD5, 77%

Solvest Ltd.*

US $750.00M Gtd. Sr. Sec.Term Loan C due 04/12/2013, Ba3 --> Ba2, LGD2, 20%

US $50.00M Gtd. Sr. Sec.Letter of Credit Facility due 04/12/2013, Ba3 --> Ba2, LGD2, 20%

Eurofresh, Inc.

US $170.00M 11.500% Global Bonds due 01/05/2013, B3 --> B3, LGD4, 53%

US $44.17M 14.500% Sr. Sub. Global Notesdue 01/15/2014, Caa2 --> Caa2, LGD6, 92%

Gold Kist Inc., B1

PDR: B1

US $130.00M 10.250% Gtd. Sr. Global Notes Due 03/15/2014, B2 --> B3, LGD5, 78%

Golden State Foods Corp., B1

PDR: B1

US$90.00M Sub. Notes, B3 --> B3, LGD5, 88%

US$ 30.00M Gtd. Sr. Sec. Term Loan A due 02/28/2009, B1 --> B1, LGD3, 48%

US$ 30.00M Gtd. Sr. Sec. Revolving Credit Facility due 02/28/2009, B1 --> B1, LGD3, 48%

US$ 135.00M Gtd. Sr. Sec. Term Loan B due 02/28/2011, B1 --> B1, LGD3, 48%

Land O' Lakes, Inc., Ba3

PDR: Ba3

US$ 190.70M FIX 7.45% Gtd. Cap. Secs. Due 10/15/2028, B2 --> B2, LGD5, 88%

US $350.00M 8.750% Gtd. Global Notes Due 11/15/2011, B1 --> Ba3, LGD4, 58%

US $175.00M 9.00% Gtd. Sr. Sec. Global Notes Due 12/15/2010, Ba3 --> Ba2, LGD3, 33%

US $225.00M Sr. Sec. Revolving Credit Facility, Ba2 --> Ba1, LGD2, 21%

Merisant Co.

US $36.650M Gtd. Sr. Sec.Term Loan A due 01/11/2009, Caa1 --> B2, LGD2, 10%

US $225.00M 9.500% Sr. Sub. Global Notes due 07/15/2013, Ca --> Ca, LGD4, 68%

US $35.00M Gtd. Sr. Sec. Revolving Credit Facility due 01/11/2009, Caa1 --> B2, LGD2, 10%

US $165.83M Gtd. Sr. Sec. Term Loan A due 01/11/2009, Caa1 --> B2, LGD2, 10%

Merisant Worldwide, Inc., Caa3

PDR: Caa3

US $136.04M Sr. Sub. Discount Notes due 05/15/2014, C --> Ca, LGD6, 92%

Michael Foods, Inc.

US $150.00M 8.000% Gtd. Sr. Sub. Global Notes due 11/15/2013, B3 --> B3, LGD5, 84%

US $540.00M Gtd. Sr. Sec. Term Loan due 01/20/2010, B1 --> Ba3, LGD3, 37%

US $100.00M Gtd. Sr. Sec. Revolving Credit Facility due 11/20/2009, B1 --> Ba3, LGD3, 37%

M-Foods Holdings, Inc., B1

PDR: B1

US $154.06M 9.750% Sr. Discount Notes Due 10/01/2013, Caa1 --> B3, LGD6, 94%

National Beef Packaging Company LLC, B2

PDR: B2

US $160.00M 10.500% Senior Global Notes Due 08/01/2011, B3 --> Caa1, LGD5, 87%

Nutro Products, Inc., B2

PDR: B2

US $100.00M Sr. Secured Revolving Credit Facility due 01/26/2012, B1 --> Ba3, LGD2, 29%

US $470.00M Sr. Sec. Term Loan due 04/26/2013, B1 --> Ba3, LGD2, 29%

US $165.00 FLT Sr. Flt. Rt. Global Notes due 10/15/2013, B3 --> B3, LGD5, 75%

US $150.00 10.750% Sr. Sub. Global Notes due 04/15/2014, Caa1 --> Caa1, LGD6, 91%

Ocean Spray Cranberries, Inc., Ba1

PDR: Ba1

US$ 150.00M FIX 6.25% Perp. Cum. Standard Pfd. Shares, Ser. A, Ba3 --> Ba3, LGD6, 100%

Pilgrim's Pride, Ba2

PDR: Ba2

US $200.00M 9.625% Gtd. Sr. Notes due 09/15/2011, Ba2 --> Ba3, LGD5, 82%

US $100.00M 9.625% Gtd. Sr. Notes due 09/15/2011, Ba2 --> Ba3, LGD5, 82%

US $100.00M 9.250% Sr. Sub. Global Notes due 11/15/2013, Ba3 --> B1, LGD6, 95%

Smithfield Foods, Inc.*, Ba1

PDR: Ba1

US $600.00M 7.000% Global Senior Notes due 08/01/2011, Ba2 --> Ba2, LGD5, 82%

US$ 350.00M 7.750% Global Notes, Ser. B due 05/15/2013, Ba2 --> Ba2, LGD5, 82%

US$ 300.00M 8.000% Global Senior Notes, Ser. B due 10/15/2009, Ba2 --> Ba2, LGD5, 82%

US $200.00M 7.625% Sr. Sub.Notes due 02/15/2008, Ba3 --> Ba2, LGD6, 96%

Swift & Company, B2

PDR: B2

US $257.26M 10.125% Gtd. Global Notes due 10/01/2009, B3 --> B3, LGD4, 61%

US $150.00M 12.500% Sr. Sub. Global Notes due 01/01/2010, Caa1 --> Caa1, LGD5, 77%

Wm. Bolthouse Farms Inc., B2

PDR: B2

US $75.00M Gtd. Sr. Sec. Revolving Credit Facility due 11/17/2011 , B2 --> B1, LGD3, 41%

US $500.00M Gtd. Sr. Sec.1st Lien Term Loan due 11/17/2012, B2 --> B1, LGD3, 41%

US $150.00M Gtd. Sr. Sec.Second Lien Term Loan due 11/17/2013, B3 --> Caa1, LGD6, 91%

* 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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