Shares in Spanish drugmaker Grifols tumble on Fitch, S&P downgrades [Reuters]
GRIFOLS SA S/ADR (GIKLY)
NASDAQ:AMEX Investor Relations:
grifols.com/en/web/international/investor-relations/home-page
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Source: Reuters
and S&P downgraded their ratings for the beleaguered Spanish drugmaker, citing lower than expected free cash flow generation and refinancing risks. The company's shares were down 10.6% at 1300 GMT, the worst performers in Spain's blue-chip index (.IBEX) , opens new tab , which was down 0.15%. Fitch said its downgrade to "B+" from "BB-", both in the so-called speculative part of the rating scale, reflected Grifols' "slower-than-expected deleveraging, caused by significantly lower free cash flow generation in 2023 and 2024 than previously forecast by Fitch". However, the agency added that a successful sale of Grifols' 20% stake in Shanghai RAAS, which is pending regulatory approval and the company expects to close in the first half of 2024, "would help mitigate refinancing pressure". Meanwhile, S&P lowered its rating to "B" from "B+" as it also highlighted the Spanish company's weaker cash flow generation and higher refinancing risks. On March 1, Grifols announced a new operat
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