Moody's raises Remy

Moody's Investors Service said it upgraded the corporate family rating and probability of default rating of Remy Cointreau SA to Ba1 from Ba2.

The outlook is stable.

"Today's rating action reflects Remy's enhanced credit profile resulting from (a) its reduced leverage underpinned by a solid improvement in operating performance and the disposal of its loss-making champagne operations in July 2011 and (b) Moody's expectation that Remy will continue to post further growth in profits even in a scenario of weaker economic growth," Knut Slatten, Moody's lead analyst for Remy, said in a news release.

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