U.S.-based Wayne-Sanderson Farms Holdings LLC (WSF) has continued to improve operating performance, driven primarily by the strong rebound in U.S. poultry industry conditions. The company is proposing a largely leverage-neutral debt refinancing that extends and amends its revolving credit facility and term loan A-1 by five years and term loan A-2 and term loan B by seven years. We raised our issuer credit rating on Wayne-Sanderson Farms Holdings LLC to 'BB' from 'BB-'. We also assigned our ?BB? issuer credit rating to the new borrower of the refinanced facilities, Wayne Sanderson Farms LLC. We will subsequently withdraw our issuer credit rating on Wayne Sanderson Farms Holdings LLC. At the same time, we assigned our ?BB+? issue-level rating to the company's
