Sept. 15th, 2016

Vicki Bryan in Grant's Interest Rate Observer

Quoted on Post Holdings 

 “That is incredible,” Vicki Bryan, the senior analyst at Gimme Credit and who rates Post bonds as “underperforming,” tells Lorenz. “If you look at the spread, you are not even getting 100 basis points of spread per turn of leverage on these guys.” (Bryan measures leverage by calculating debt without subtracting the company’s cash balances; on this metric, the company is leveraged at just over five times.)

“What they’ve been able to eke out on profit gains,” Bryan continues,

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