S&P trims Financiere Labeyrie Fine Foods

S&P said it trimmed its ratings on Financiere Labeyrie Fine Foods and its loans to B- from B. The 3 recovery ratings on the loans are unchanged.

Fiscal year 2022, ended June 30, EBITDA dropped to about €65 million from €90 million in fiscal 2021.

“We now estimate S&P Global Ratings-adjusted debt to EBITDA will reach 10.6x in fiscal 2022, versus 8.6x in our previous base-case scenario, with free operating cash flow (FOCF) only slightly positive.

“For fiscal 2023, we also assume a slower EBITDA rebound to about €80 million–compared with €95 million-€100 million in our previous base case–mostly driven by price increases offsetting high operating cost inflation, with S&P Global Ratings-adjusted debt to EBITDA remaining at 8.8x-9.3x (versus 7x-7.5x previously assumed) and neutral to slightly positive FOCF,” the agency said in a press release.

The outlook is stable.

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