Moodys Investors Service - McCormick Company Incorporated (MKC) McCormick Company Inc.: Planned acquisition of Reckitt Benckisers food division to improve profitability but at the cost of higher leverage

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Moody's Investors Service

EUR 662.80 For Business Accounts Only

McCormick & Company Inc.: Planned acquisition of Reckitt Benckiser's food division to improve profitability but at the cost of higher leverage

CORPORATES ISSUER IN-DEPTH 20 July 2017 RATINGS McCormick & Company Inc. Senior Unsecured A2 Outlook Review for downgrade KEY METRICS: McCormick & Company Inc. 11/30/15 11/30/16 LTM 5/31/17 Debt/ EBITDA 2.23x 2.21x 2.46x RCF/Net Debt 23.97%

20/07/2017 6 EN

Underlying

McCormick & Company Incorporated

McCormick & Co. manufactures, markets and distributes spices, seasoning mixes, condiments and other flavor products to the food industry- retailers, food manufacturers and foodservice businesses. The company also is partner in a number of joint ventures that are involved in the manufacture and sale of flavor products. The company's business segments comprised of: consumer, in which the company markets its products to customers and supplies private label items, known as store brands; and flavor solutions, which provides a range of flavor solutions including seasoning blends, spices and herbs, condiments, coating systems and compound flavors.

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US5797802064 New York Stock Exchange United States

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Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

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