Research Update: French Spirits Producer Remy Cointreau Upgraded To 'BB+' On Improved Credit Metrics; Outlook Positive Dec 12
- Language: English
- Published: December 2012
- Region: France
French spirits manufacturer R-my Cointreau S.A.'s strong operating performance has markedly improved its credit metrics. We believe the group will continue to post solid results driven by the continuous positive momentum of its cognac division over the next 12 months, especially in China. We are raising our long-term corporate credit and issue ratings on R-my Cointreau to 'BB' from 'BB-'. The stable outlook reflects our expectation that R-my Cointreau will continue to perform solidly over the next 12 months. We believe this should enable the group to keep adjusted leverage below 3x and adequate headroom under its leverage covenant, despite what we view as an aggressive financial policy. MADRID (Standard & Poor's) Jan. 19, 2012--Standard & Poor's Ratings Services said...
Companies mentioned in this report are: Remy Cointreau S.A.
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Remy Cointreau S.A.