S&P rates Nomad Foods loan BB-

S&P said it assigned its BB- long-term corporate credit rating to Nomad Foods Ltd. The outlook is stable.

At the same time, S&P assigned a BB- issue rating to the proposed €500 million and $510 million senior secured term loans due 2024 and the €80 million secured revolving credit facility due 2023. The recovery rating on the proposed loans is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

Nomad Foods is a guarantor under the senior facilities agreement hence S&P said it assigned a BB- corporate credit rating.

“We understand that the transaction will serve to refinance the existing credit facilities, while the RCF will be extended to 2023 under the terms of the new senior facilities agreement,” S&P said in a news release.

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