Moody’s affirms Ceva Sante

Moody's Investors Service said it affirmed the B1 corporate family rating and B1-PD probability of default rating of Financiere Top Mendel SAS (Ceva Sante Animale).

The outlook remains negative.

"The affirmation of the B1 rating continues to reflect the company's track record of profitable growth, favorable industry dynamics and strong liquidity profile," Francesco Bozzano, Moody's analyst and lead analyst for Ceva, said in a news release.

"The negative outlook reflects that the company's high leverage for the B1 category, with Moody's-adjusted (gross) debt/EBITDA expected to remain above 6.0x in 2018 following a manufacturing incident, will leave the rating as weakly positioned in 2018 and with limited room for deviations in operating performance."

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