Moody's changes Pernod outlook to positive

Moody's Investors Service said it changed the outlook on Pernod Ricard SA's Baa3 long-term issuer and senior debt ratings to positive from stable and affirmed the company's ratings. Similarly, the outlook on the debt instrument issued by Allied Domecq Financial Services Ltd. and guaranteed by Pernod Ricard was changed to positive from stable.

"The positive outlook is prompted by our expectation that Pernod will continue to deliver a positive operational performance in the next 12 months, boosted by growing demand in the U.S. spirits markets and sustained demand in emerging markets, despite the slowdown recorded in Asia," Yasmina Serghini-Douvin, a Moody's vice president and senior analyst, said in an agency news release.

"Steady earnings growth should support positive free cash flow generation and further deleveraging, barring any meaningful acquisition activity."

© 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.