Alliance One International, Inc. -- Moody's upgrades Alliance One's CFR to Caa1; New bonds rated B1

New York, September 28, 2016 -- Moody's Investors Service today upgraded Alliance One International, Inc.'s Corporate Family Rating (CFR) to Caa1 from Caa2 and Probability of Default Rating to Caa1-PD from Caa2-PD. Moody's also upgraded the $720 million senior secured second lien notes to Caa2 from Caa3. At the same time, Moody's assigned a Ba3 rating to the company's proposed $40 million ABL revolving credit facility and a B1 rating to $275 million in proposed senior secured first lien notes. In addition, Moody's affirmed the B1 rating on the company's existing $210 million first lien revolving credit facility, as well as the SGL-4 Speculative Grade Rating. The rating on the existing $210 revolving credit facility will be withdrawn at closing when the facility is repaid and retired. The outlook on all ratings is stable.

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