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S&P upgrades Moy Park, notes to B+
Standard & Poor's said it raised its long-term corporate credit rating on Moy Park Holdings Europe to B+ from B.
The outlook is stable.
At the same time, the agency raised its issue rating on the £200 million 6¼% senior unsecured notes issued by Moy Park (Bondco) plc to B+ from B. The recovery rating on the notes remains unchanged at 3, indicating an expectation of meaningful (50%-70%) recovery prospects in the event of a payment default.
S&P said the upgrade of Moy Park reflects the upgrade of its parent, Brazil-based food producer Marfrig Global Foods, on Oct. 16. Because it considers the subsidiary to be "highly strategic" to the parent, in accordance with its Group Rating Methodology, published on Nov. 19, 2013, S&P equalizes the rating on May Park with the group credit profile of b+, which is the same as the B+ rating on Marfrig.
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