Brief: Moody's downgrades Elior Group S.A.'s CFR to B3; outlook remains negative

Elior SA

02/06/2023 17:51

June 2 (Reuters) - Elior Group SA  ELIOR.PA :
    
    * Moody's has today downgraded Elior Group S.A.'s corporate
family rating (CFR) to B3 from B2, the probability of default
rating to B3-PD from B2-PD, and the rating on the backed senior
unsecured notes due 2026 to B3 from B2. The outlook remains
negative.
    * Moody's: downgrade of Elior's CFR to B3 reflects Moody's
expectations that Elior's profitability, on a standalone basis,
will be lower than previously forecasted in the next 12-18
months, as a consequence of the ongoing inflationary pressure
that the business faces and the time lag required to fully
pass-through price increases to customers
      
Further company coverage:  ELIOR.PA 

 (Reporting by Sudip Kar-Gupta)
 ((sudip.kargupta@thomsonreuters.com;))