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Fitch affirms RoadChef
Fitch Ratings said it affirmed RoadChef Issuer plc's £122.3 million class A2 notes due 2023 at B+ and £42.0 million class B notes due 2026 at B-.
The outlook is negative.
RoadChef has continued to suffer from the combined effects of a weak economy and substantial debt service requirements, which have limited the refurbishment and development necessary to drive improvements in performance, Fitch said.
Consequently, EBITDA declined by 3.4% to £23.0 million, which also was partially dampened by particularly poor December 2010 results following heavy snowfall in the United Kingdom that crippled the roads network for almost two weeks, the agency said.
In view of the weak U.K. economic outlook for 2012 and RoadChef's substantial operating leverage and exposure to consumer discretionary spending, cash flow available for capital expenditure is expected to be low, which is likely to limit improvements in performance, Fitch said.
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