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Pernod Ricard: S&P upgrades LT credit rating
(CercleFinance.com) - In turn, Standard & Poor's has upgraded its long-term issuer rating on Pernod Ricard from "BBB" to "BBB+", while confirming its short-term issuer rating of "A-2", with a "stable" outlook, after a strong series of results for FY 2019 (to end-June).
The rating agency expects that "credit metrics will continue to improve over the next 18-24 months, thanks to organic revenue growth, moderate upside on margins, and a focus on cash conversion". S&P adds that the spirits giant recently clarified its new shareholder distribution policy, including up to 1 billion euros in share repurchases in 2020-21, which it now integrates into its base-case scenario. Copyright (c) 2019 CercleFinance.com. All rights reserved. |
19/04/2024 08:57
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