U.K.-Based Food Group Boparan Holdings Assigned 'B+' Long-Term Corporate Credit Rating; Outlook Stable Apr 11
- Language: English
- Published: April 2011
- Region: Great Britain, United Kingdom
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
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Product Type: Research Update
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Boparan Holdings Ltd.