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Bakkavor boss welcomes upgrade in credit rating

By Mike Stones+

07-Apr-2015

Bakkavor boss Agust Gudmundsson welcomed the Standard & Poor’s upgrade
Bakkavor boss Agust Gudmundsson welcomed the Standard & Poor’s upgrade

Bakkavor ceo Agust Gudmundsson has welcomed an upgrading in the food manufacturer’s corporate credit rating by Standard & Poor’s (S&P).

The credit rating was lifted from B-, signifying a ‘positive outlook’, to B, representing ‘stable’ on Thursday April 2. Gudmundsson said: “I am delighted with this recognition by S&P.

‘Recognition by S&P’

“It is testament to the hard work, energy and commitment of everyone at Bakkavor over recent years, and the consequent improvements to the financial strength of the business.”

Bakkavor announced on Wednesday (April 1) it had completed a refinancing deal to fund the early repayment of its £140M debt.

The firm’s chief financial officer Peter Gates said: “This recognises the excellent progress made to the financial strength of this business over recent years and I would like to thank our lenders and investors for their ongoing support and commitment to the group.”