Gate Gourmet credit rating upgraded

Standard & Poors recently upgraded Gate Gourmet’s credit rating from a B-minus to a B and removed the ratings from the CreditWatch service. The caterer’s outlook is now described as “stable.”

Gate Gourmet officials were pleased. “The upgrade reflects the significant turnaround at Gate Gourmet and recognizes our excellent performance in the past year,” says Guy Dubois, executive vice president, chief financial officer and chief administrative officer, at Gate Gourmet.

S&P said the reason for the change was the company’s restructuring and cost-cutting efforts, voluntary debt prepayment and pension contribution.