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2011 Bond Ratings: Upgrades, Downgrades


Rating Action: Upgrade to Investment Grade

Rating Date: March 28

Moody's Investors Service has upgraded Tupperware's (TUP) ratings to investment grade.

The ratings boost applies to the company's senior secured bank credit facilities, which have been hiked to Baa2 from Baa3. Moody's also withdrew the company's Ba1 Corporate Family Rating and Ba2 probability of default rating.

The rating outlook is stable.

The rating agency investment grade upgrade reflects Tupperware's stable operating performance and significant balance sheet deleveraging since the company's 2005 acquisition of Sara Lee's (SLE) direct selling business, "driven by its strong track record of product innovation and expansion into high potential emerging markets."

"Tupperware's favorable competitive position in attractive direct selling emerging markets is a key driver of its above average organic growth and should continue to drive strong profitability," said Moody's Vice President and Senior Credit Officer Janice Hofferber in a statement.

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