Fitch upgrades Elior

Fitch Ratings said it upgraded Elior SA’s long-term issuer default rating to BB from BB-.

The outlook is stable.

The ratings on senior secured credit facilities and Elior Finance & Co. SCA’s €350 million senior secured notes also were upgraded to BB+ from BB.

The upgrades take into account a continuing stable and resilient business model enabling a step up of free cash flow generation, Fitch said.

The upgrades also consider Elior’s strong brand name, broad range of services and diverse customer base, the agency said.

The ratings are supported by the company’s long-term contracts, large scale, high retention rates and barriers to entry, as well as steady margin and cash flow generation, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.