S&P turns Boparan view to stable

S&P said it revised its outlook for Boparan Holdings Ltd. to stable from negative and affirmed the B- ratings on the issuer and its £475 million of 7 5/8% notes due 2025.

Boparan beat S&P’s base case for the fiscal year 2022, the agency said.

“For fiscal 2023, we forecast revenue growth of about 4.5%-5.5% and a stable adjusted EBITDA margin of about 4% thanks to stable volume growth prospects for poultry offsetting weaker prospects for meals and bakery,” S&P said in a press release.

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