Nordic Credit Rating said today that it had affirmed the senior unsecured issue rating of Norway-based food producer Nortura SA at 'BBB-' and the subordinated issue rating at 'BB', in accordance with its revised issue rating criteria. The rating action reflects our expectations that the company will keep its gross secured debt to NCR-adjusted EBITDA below 2.0x on a sustained basis. Gross secured debt to NCR-adjusted EBITDA stood at 0.3x on a last 12-month basis as of 30 Apr. 2023. We expect this metric to remain close to zero and for the company to primarily fund itself through unsecured debt going forward. At the same time, the 'BBB-' long-term issuer rating on the company was affirmed. The outlook is negative. The ratings are no longer under criteria review.
| Rating list | To | From |
|---|---|---|
| Long-term issuer credit rating: | BBB- | BBB- |
| Outlook: | Negative | Negative |
| Short-term issuer credit rating: | N3 | N3 |
| Senior unsecured issue rating: | BBB- | BBB- |
| Subordinated issue rating: | BB | BB |
Contacts:
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@nordiccreditrating.com
Geir Kristiansen, analyst, +4790784593, geir.kristiansen@nordiccreditrating.com
The methodology documents used for this rating are NCR's Corporate Rating Methodology published on 8 May 2023, NCR's Rating Principles published on 24 May 2022 and NCR's Group and Government Support Rating Methodology published on 18 Feb. 2022. For the full regulatory disclaimer please see the rating report.