Fitch lifts Pernod Ricard

Fitch Ratings said it upgraded Pernod Ricard SA's long-term foreign currency issuer default rating and senior unsecured rating to BBB- from BB+.

The agency also upgraded the company's short-term issuer default rating to F3 from B. The outlook is stable.

Fitch said the upgrade reflects the achievement of an adequate liquidity position and steady de-leveraging during the financial year ended June 2012, as well as Fitch's expectation that future financial policies, combined with moderate and resilient free cash flow generation, will afford the company the resources to satisfy its ambitions.

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