Moody’s changes Eurofins view to stable

Moody's Investors Service said it changed its outlook of Eurofins Scientific SE to stable from positive.

“Today's outlook change to stable from positive reflects Eurofins' weaker-than-expected 2022 financial results combined with the new company's guidance for 2023, which envisages lower-than-previously guided earnings and free cash flow to the firm (as defined by the company). As a result, Moody's expects Eurofins' credit metrics to be below its upgrade guidance to Baa2, however, commensurate with its Baa3 rating over the next 12-18 months,” the agency said in a statement.

Concurrently, Moody's affirmed Eurofins' Baa3 long-term issuer rating, the Baa3 rating on the company's senior unsecured bond instruments and the Ba2 rating on its subordinated hybrid bond instruments.

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