Boparan - comment
A positive rating watch from Fitch is a small improvement forBoparan and reflects the preparations for the new issue, which we expect in November. The Boparan family will now own the European business as it holds production facilities leased to Boparan and sells food stock and chicks to the UK business. The structure of the relationships between the family and the issuer will need to be scrutinised by investors more than ever, but that is for another day.