Chobani Global Holdings LLC has performed in line with expectations, driven by continued growth in its core portfolio resulting in modest cash flow generation and deleveraging (excluding preferred stock), which we expect to continue through fiscal 2018. Additionally, the company has announced the sale of non-cash payment-in-kind (PIK) preferred shares to HOOPP Capital Partners, with the funds going toward the redemption of warrants held by TPG Capital Partners. We are affirming our 'B' corporate credit rating on the Norwich, N.Y.-based company. We are also affirming our 'B' issue-level and '3' recovery ratings on the company's senior secured facility as well as the 'CCC+' issue-level and '6' recovery ratings on its senior unsecured notes maturing in 2025. We are revising the
