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Research Update: U.K.-Based Food Group Boparan Holdings Assigned 'B+' Long-Term Corporate Credit Rating; Outlook Stable Apr 11
Standard & Poors, April 2011
U.K.-based food processing group Boparan Holdings Ltd. (Boparan) is refinancing its existing debt and raising additional capital following its acquisition of Northern Foods PLC. We are assigning our 'B+' long-term corporate credit rating to Boparan. We are also assigning a 'B+' issue rating and a recovery rating of '3' to the proposed -695 million senior unsecured notes borrowed by Boparan. The stable outlook reflects our view of Boparan's resilient business model in the current tough recessionary environment and its ability to generate sustainable positive free cash flow. On April 7, 2011, Standard & Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to U.K.-based food processing group Boparan Holdings Ltd. (Boparan). The outlook is stable. At the same time,...
Companies mentioned in this report are: Boparan Holdings Ltd.
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Boparan Holdings Ltd.