Fitch gives Nomad notes BB+

Fitch Ratings said it gave Nomad Foods BondCo plc's planned senior secured notes an expected rating of BB+ with an RR2 recovery rating. Nomad Foods BondCo is 100%-owned subsidiary of Nomad Foods Ltd.

Proceeds will be used to refinance Nomad's €400 million of notes and partly fund the acquisition of ice cream and frozen food business from Fortenova Groupa.

“The senior secured rating of BB+(EXP) is notched up once from Nomad's long-term issuer default rating (IDR) to reflect our view of superior recovery prospects supported by a moderate leverage profile, which is partly offset by a lack of material subordinated, or first-loss, debt tranche in the capital structure,” Fitch said in a press release.

The outlook is stable.

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