Birds Eye Owner Took on Additional Debt for Goodfellas Deal

Birds Eye owner Nomad Foods took on additional debt to fund the €225 million acquisition this year of Irish frozen pizza-maker Goodfellas, before receiving the threat of a credit downgrade on Monday after sealing another leveraged deal, the Irish Times reported. Standard & Poor’s (S&P) downgraded the outlook on its rating on Nomad Foods creditworthiness on Monday to “negative” from “stable” after the company announced the new €240 million debt-funded purchase of UK-based frozen food manufacturer of Yorkshire pudding and roast potatoes Aunt Bessies. The firm already has a “BB-” stance on Nomad, which is three levels below what it considers “investment grade”. Read more. (Subscription required.)