Glanbia debt status reviewed

Moody's Investors Services has said it is reviewing the rating of an issue of $100 million (€103 million) of Avonmore Delaware preferred securities, guaranteed by food group Glanbia, for possible downgrade. The review was prompted by the continuing erosion of Glanbia's operating performance. Moody's will also review Glanbia's plans to focus on two key growth areas, cheese and nutrition, and the implications this will have on capital spending and operating returns.