Moody’s drops Boparan view to negative

Moody's Investors Service said it changed the outlook of Boparan Holdings Ltd. and Boparan Finance plc to negative from stable.

At the same time, the agency affirmed Boparan Holdings’ B2 corporate family rating and B2-PD probability of default rating, as well as Boparan Finance’s B2 senior note ratings.

Moody’s said the action reflects the weaker-than-anticipated operating performance in the second quarter of fiscal year 2016-17 (Q2 2017) as well as the view that challenging market conditions for food manufacturers in the U.K. and inflationary headwinds could pressure Boparan's profitability in the next 12 to 18 months, which in turn could lead to further deterioration in already weak credit metrics for the current rating.

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