Fitch upgrades RoadChef

Fitch Ratings said it upgraded RoadChef Issuer plc's £88 million class A2 notes to BB- from B+ and £42 million class B notes to B from B-.

The outlook is stable.

The upgrades reflect Roadchef's ongoing and consistent improvement in operating performance since the 2008 recession, Fitch said.

RoadChef's turnaround is mostly complete and its refocused offering is competitive, the agency said.

The ratings also consider Roadchef's small size, which is a weakness relative to peers, Fitch said.

Motorway service stations are vulnerable to discretionary spending, changes in the economic environment and competition, the agency added.

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