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S&P raises Premier Foods rating
S&P said it upgraded Premier Foods plc’s issuer rating to B+ from B.
“Premier Foods has taken concrete actions to reduce existing debt and limit future volatility in credit metrics,” S&P said in a press release.
The company reported it is paying down £120 million on its £210 million floating-rate notes due 2022 in two tranches. It paid £80 million in June and will pay £40 million in December with cash from its balance sheet, S&P said.
Though the company benefits from consumers eschewing eating out during the pandemic, Brexit may cause disruptions next year, S&P warned.
The outlook is positive.
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