Boparan - comment
The upgrade to B+ will not make too much difference to the potential holder base, as the company rating was already B. We are sceptical that the current EBITDA margins will hold, but we can understand the logic of Fitch. The £90m in deferred tax gains leading to dividend capacity of £20m from 2027 is interesting, but we suspect that the Boparan family will eschew taking cash out of the business, given previous volatility.