October 20, 2015 / 11:24 AM / 2 years ago

Fitch Maintains Findus PledgeCo on RWE; Withdraws Ratings

(The following statement was released by the rating agency) LONDON/MILAN, October 20 (Fitch) Fitch Ratings has maintained Findus Pledgeco S.a.r.l.'s (Findus), Findus Bondco S.A.'s and Findus PIK S.C.A.'s ratings on Rating Watch Evolving (RWE) and simultaneously withdrawn them. 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. RATING SENSITIVITIES Not applicable. FULL LIST OF RATING ACTIONS The following ratings have been withdrawn: Findus Pledgeco S.a.r.l. Long-term Issuer Default Rating (IDR): 'B-'; RWE Findus Bondco S.A. Senior secured: 'B+'; RWE Findus PIK S.C.A. Long-term IDR: 'CCC';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 Contact: Supervisory Analyst Ching Mei Chia Director +44 20 3530 1068 Fitch Ratings Limited 30 North Colonnade London E14 5GN Principal Analyst Marco Finetti Associate Director +44 20 3530 1553 Committee Chairperson Giulio Lombardi Senior Director +44 39 02 8790 87241 Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: peter.fitzpatrick@fitchratings.com. Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. Applicable Criteria Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 17 Aug 2015) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here _id=992570 Solicitation Status here Endorsement Policy here ail=31 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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