New York, December 19, 2013 -- Moody's Investors Service ("Moody's") downgraded Wells Enterprises, Inc.'s ("Wells") Corporate Family Rating ("CFR") to B2 from B1 and its Probability of Default Rating to B2-PD from B1-PD. The downgrade reflects revenue pressure in Well's higher margin branded offerings from a challenging competitive environment in the ice cream and frozen treat category and market share erosion. These factors are contributing to weakened credit metrics and minimal free cash flow. Concurrently, Moody's downgraded the $235 million senior secured notes due 2020 to B3 from B2. The rating outlook is stable.

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