Moody's changes Nomad view to stable

Moody's Investors Service said it changed the outlook on Nomad Foods Ltd. and its subsidiaries to stable from positive.

“The change of outlook to stable from positive reflects Nomad's weaker than expected operating performance due to a significant increase in input costs and declining consumer confidence in E.U. and the United Kingdom. The company's EBITDA margin (Moody's-adjusted) declined to 14.6% for the last 12 months (LTM) to June 2022 from 16% in 2021 and 17.5% in 2020 while organic sales decreased by more than 3% LTM. However, the results during this period were against the strong comparables achieved thanks to the spike in demand driven by the coronavirus pandemic,” the agency said in a press release.

Concurrently, Moody's affirmed Nomad Foods’ B1 corporate family rating and B1-PDR probability of default rating. The agency also affirmed B1 ratings on the backed senior secured instruments issued by Nomad Foods BondCo plc, Nomad Foods Europe MidCo Ltd. and Nomad Foods Lux Sarl.

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