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S&P downgrades Boparan, notes
S&P said it lowered the corporate credit rating on Boparan Holdings Ltd. to B- from B.
The outlook is stable.
At the same time, the agency lowered the issue rating on the company's £250 million senior unsecured notes due in 2019, £330 million senior unsecured notes due in 2021 and €300 million senior unsecured notes due in 2021 to B- from B.
The 4 recovery rating is unchanged, indicating an expectation for recovery of about 30% in the event of a payment default.
“Boparan Holdings' 2017 earnings performance has been significantly affected by currency fluctuation, commodity price inflation and site disruption in its poultry operations, which has resulted in rising leverage,” S&P said in a news release.
“We expect additional challenges in 2018 after recent allegations of hygiene standard breaches and the resulting adverse effect on sales volumes and exceptional costs, which we forecast will constrain free operating cash flow generation.”
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