Fitch Maintains Findus PledgeCo on RWE; Withdraws Ratings
KEY RATING DRIVERS
The RWE reflects the lack of clarity regarding the capital structure of Findus following the sale of its continental European business to Nomad Foods Limited announced in August 2015. There is no material new information since we placed the ratings of Findus on RWE on 1 September 2015.
Fitch is withdrawing the ratings as Findus has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Findus.
FULL LIST OF RATING ACTIONS
The following ratings have been withdrawn:
Findus Pledgeco S.a.r.l.
Long-term Issuer Default Rating (IDR): 'B-'; RWE
Findus Bondco S.A.
Senior secured: 'B+'; RWE
Findus PIK S.C.A.
Long-term IDR: 'CCC'; RWE
Senior PIK notes: 'CC'; RWE.