S&P rates Birds Eye Iglo loans BB-

Standard & Poor's said it assigned a B+ long-term corporate credit rating to Birds Eye Iglo Group TopCo Ltd.

The agency also assigned Birds Eye Iglo Group MidCo Ltd.'s €1.13 billion and €320.6 million senior secured facilities (including the proposed €500 million term loan D) our issue-level rating of BB- with a recovery rating of 2.

The outlook is stable.

"The rating reflects our view of BEIG's financial risk profile as highly leveraged, following a buyout by private equity group Permira in 2006, in addition to the proposed debt-financed acquisition of Findus Italy from Unilever, which is expected to close in October 2010," S&P analyst Marketa Horkova said in a statement.

The company is likely to sustain its operating performance momentum, despite the gloomy consumption environment in both the United Kingdom and Europe, the agency said.

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