Better credit rating for Findus

An improved credit rating has been bestowed on the frozen ready meal giant Findus Pledgeco by three investor services.

Findus Pledgeco is the holding company of Findus, one of the ready-meal manufacturers stung by the horsemeat scandal earlier this year. However, a £410m bond launch saw credit ratings from Moody’s, S&P and Fitch jump recently.

The manufacturer has been assigned a “definitive B3” corporate family rating (CFR) from Moodys’s; a B- from S&P; and Fitch gave Findus a bond rating of B+ and upgraded the company’s outlook to stable from negative.

A spokesperson from Findus explained that news reflected improvements in the company’s operating performance and said there was also an “acknowledged potential of the company to improve both revenues and margins”.