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S&P lifts Remy Cointreau
Standard & Poor's said it raised its long-term corporate credit rating on Remy Cointreau SA to BB+ from BB. The outlook is positive.
The agency said it also raised its issue rating on the €205 million unsecured notes to BB+ from BB, in line with the corporate rating on Remy Cointreau. The recovery rating on these notes is unchanged at 3.
The agency said the upgrade primarily reflects the pronounced improvement in Remy Cointreau's credit metrics on the back of a strong operating performance in fiscal 2012 and in the first half of fiscal 2013.
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