Moody's: Bakkavor now negative

Moody's Investors Service said it has changed to negative from stable the outlook of Bakkavor Finance (2) plc's ratings. The B2 corporate family rating, probability of default rating and senior secured bond ratings have been affirmed.

The outlook is negative.

"The change in the outlook to negative reflects Moody's expectation that the company's credit metrics, specifically margins, free cash flow, and leverage, may continue to weaken over the near term due to ongoing challenges in the trading environment," says Anthony Hill, a Moody's vice president and senior analyst, in a news release.

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