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S&P upgrades Pernod Ricard
S&P said it raised to BBB+ from BBB the rating for Pernod Ricard SA and its senior unsecured debt.
“We expect that Pernod Ricard’s credit metrics will continue to improve over the next 18-24 months, thanks to organic revenue growth, moderate upside on margins, and a focus on cash conversion. Over the past two years, the company has reported positive organic sales growth of 6% each year, with annual recurring FOCF of about €1.4 billion. We expect organic sales growth to accelerate in the second half of FY2020, as it was affected by a tough year-on-year comparison in Asia in the first quarter,” said S&P in a press release.
The outlook is stable.
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