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Pernod Ricard: Moody's upgrades LT credit rating

( - Moody's Investors Service said on Friday that it is upgrading its long-term issuer rating on Pernod Ricard from "Baa2" to "Baa1" while maintaining its short-term issuer rating at "P-2" with a "stable" outlook.

"The upgrade to Baa1 reflects Pernod's track record of strong profit growth, resulting from steady sales growth, positive product mix and efficiency gains, which have translated into improved credit metrics and reduced leverage," the rating agency said.

"The upgrade also reflects our expectation that the company will maintain a financial policy that balances creditor protection with shareholder remuneration and M&A activity," it added.

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