Moody's: Remy Cointreau cut to negative

Moody's Investors Services said it changed to negative from stable the outlook on Remy Cointreau's Ba2 senior implied and Issuer ratings.

Moody's said the change in outlook reflects Remy's weaker than expected credit metrics at March 2004, Moody's view that the company's credit metrics at March 2005 will be broadly static compared to those at March 2004 and Remy's credit metrics are considered to position the company rather weakly in the Ba2 rating category.

Moody's notes that at fiscal year-end March 2004 Remy elected to consolidate €115 million of debt related to its contractual arrangements with the two co-op's, which are involved in the storage and ageing of Eau de Vie, the main component of Cognac.

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