Research Update: Post Holdings Inc. Assigned 'B+' Corporate Credit Rating; 'BB' And 'B+' Issue-Level Ratings Assigned Feb 12

Standard & Poors, February 2012

Abstract
U.S.-based Post Holdings Inc. (Post) was recently spun off from Ralcorp Holdings Inc. (BBB-/WatchNeg/--). As part of the transaction, Post paid a roughly $900 million debt-financed dividend to Ralcorp. We assigned our 'B+' corporate credit rating to Post Holdings Inc. We assigned our 'BB' issue-level ratings to the company's senior secured credit facilities and recovery ratings of '1'. We assigned our 'B+' issue-level ratings to the company's $775 million senior unsecured notes and a recovery rating of '4'. The stable outlook reflects our expectation that Post will maintain leverage below 5x, adequate liquidity, and positive free cash flow. On Feb. 7, 2012, Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to St. Louis-based Post Holdings Inc., a...

Companies mentioned in this report are: Post Holdings Inc.
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Post Holdings Inc.

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