Chobani Global Holdings LLC has filed a draft confidential S-1 for an IPO. We believe it will use net proceeds to repay an undetermined amount of debt. We placed our ratings on Chobani, including our 'B-' issuer credit rating, on CreditWatch with positive implications. We expect to resolve the CreditWatch placement if the company completes the IPO and reduces its debt balance. We will also review our expectations for the company's business performance at that time and assess its financial policy as a public company. The CreditWatch placement follows Chobani's S-1 confidential filing, which indicates it could undertake an IPO in the coming months. The company has not provided an estimate of expected proceeds, but we believe a portion will
