Bakkavor welcomes upgrade in corporate credit rating

Bakkavor founders, Lydur (left) and Agust Gudmundsson welcomed the credit upgrade

Bakkavor has welcomed an upgrade in its corporate credit rating from Standard & Poor (S&P).

The chilled food manufacturer’s rating was upgraded from B to B+. The lift followed updated research from S&P, which noted Bakkavor’s continued improvement in trading, earnings and cash flow.

The ratings agency also noted the manufacturer’s success in deleveraging, or cutting its borrowing.

‘Recognition of significant progress’

Bakkavor said in a statement: “Bakkavor believes the upgrade is recognition of the significant progress the group has made in recent years and the consequent improvements to the financial strength of the business.”

Meanwhile, in January, the Bakkavor founders, Icelandic brothers Lydur and Agust Gudmundsson, teamed up with one of the world’s largest hedge funds, the US-base Baupost Group, to buy out Icelandic Institutions’ share of the manufacturer.

The deal was reportedly worth £163M.

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