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Gate Gourmet Credit Ratings Upgraded

Reston, Va., April 16, 2007 - Global airline catering and logistics provider Gate Gourmet has received upgraded ratings from two of the world’s largest credit rating agencies, reflecting the company’s continuing positive momentum.

Moody’s reported late last week that it has affirmed Gate Gourmet's corporate rating at "B2," and upgraded the company's two loan facilities by one notch to "B1" for the first lien and "B3" for the second lien. Moody’s said Gate Gourmet’s "metrics improved substantially in 2006 over 2005, benefiting largely from significant cost reductions undertaken since 2005."

The rating agency said Gate Gourmet "benefits from its global scale, strong contract renewal rates and a high number of long-term supply contracts." Moody's also described Gate Gourmet’s outlook as "stable," the same opinion as offered by Standard & Poor's in its rating report issued late last month.

On March 22, 2007, S&P raised its corporate rating for Gate Gourmet to "B" from "B-minus," upgraded the ratings on the two loan facilities to "B+" for the first lien and "B-" for the second lien and removed the company from CreditWatch. S&P said its improved ratings reflected "the outcome of a number of initiatives taken by the group; most notably restructuring and cost-cutting efforts, a voluntary debt pre-payment, and a pension contribution."

Guy Dubois, Executive Vice President, Chief Financial Officer and Chief Administrative Officer said: "These ratings reflect the market’s recognition of the striking improvement in Gate Gourmet’s performance. We are committed to continue our focus on increasing productivity, lowering costs and capturing new sources of revenue."