Moody's: Boparan view to negative

Moody's Investors Service said it changed the outlook on the Ba3 corporate family rating and the Ba3-PD probability of default rating of Boparan Holdings Ltd. to negative from stable, as well as on the Ba3 rating on the company's existing £400 million of senior notes and €340 million of senior notes, both due 2018.

Concurrently, Moody's affirmed these ratings.

"We have changed the outlook on Boparan's Ba3 ratings to negative because we expect that its operating performance and credit metrics, specifically its margins and leverage, may continue to weaken over the near term due to the company's recent acquisition of VION's UK red meat and poultry business, which is dilutive of Boparan's profitability, and ongoing challenges in the trading environment," Moody's vice president and senior analyst Anthony Hill said in a news release.

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