Boparan - comment

The rating upgrade reflects the successful completion of the refinancing at Boparan. S&P expects (agency-adjusted) EBITDA of £150m - £160m annually over the next two years. We think this may be too high. The recent comments from Ranjit Boparan suggest that cost pressures post-budget will rise, and there will be some friction with the supermarkets about passing through higher labour costs. We are reviewing our stance on Boparan’s new SSNs and will publish shortly.

https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3284054