Fitch: RoadChef view to positive

Fitch Ratings said it revised the outlook on RoadChef Issuer plc’s £96 million class A2 notes and £42 million class B notes to positive from stable.

The ratings on the notes also were affirmed at B+ and B-, respectively.

RoadChef is a whole business securitization of 15 motorway service areas across the United Kingdom, operated by RoadChef plc.

The outlook revision and affirmation reflects on-going improvements in the group’s trading performance, stemming from extensive catering developments and site improvement in addition to the continuing economic recovery in the United Kingdom, Fitch said.

The sector is mature, but fuel sales have been volatile and other typical revenue lines are exposed to discretionary spending risk, the agency said.

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