By The Associated Press
Tuesday, November 10, 2009
Moody's Investors Service on Tuesday raised its ratings outlook on Jarden Corp. to positive from stable, citing a good operating performance during the recession and improved liquidity.
Moody's Senior Credit Officer Kevin Cassidy said the new outlook reflects Jarden's size, given its $5 billion in revenue, as well as diverse set of products.
Cassidy also said Jarden's leading brand names have helped it "weather a severe consumer led recession and should enable it to improve its profitability as the economic recovery begins to take shape."
Jarden, based in Rye, N.Y., makes consumer products ranging from camping gear to kayaks, electric blankets, kitchen appliances, paint brushes, playing cards and other items.
Moody's also affirmed Jarden's existing ratings, including a junk rating on its corporate family debt. The rating of "B1" is characterized as highly speculative.
Moody's also assigned a "Ba2" rating — two notches below investment grade — to a $600 million term loan.
Jarden shares rose $1.03, or 3.7 percent, to $28.89 in afternoon trading.