Grifols slips as Fitch, S&P cut credit ratings [Seeking Alpha]
GRIFOLS SA S/ADR (GIKLY)
NASDAQ:AMEX Investor Relations:
grifols.com/en/web/international/investor-relations/home-page
Company Research
Source: Seeking Alpha
Fitch Ratings lowered the Barcelona-based plasma therapeutics firm's long-term credit outlook to 'B+' from 'BB-' within its speculative debt category. The firm attributed its revision to GRFS' slower-than-anticipated deleveraging driven by poor free cash flow generation in 2023 and 2024, which has fallen well short of its prior forecasts. Meanwhile, S&P lowered its rating to "B" from "B+," also within its speculative category, pointing to the company's lower cash flow generation and higher-than-expected leverage in 2023. S&P warns that Grifols ( GRFS ) will face negative free cash flow and lower-than-expected adjusted EBITDA margins in 2024. Grifols ( GRFS ) said the downgrades relate to its 2025 maturities, which it intends to address in H1 2024 to improve leverage. According to Reuters, the company added it would continue to conduct its operations as usual. The downgrades come days after Grifols ( GRFS ) published its 2023 results last week with a so-called unqualified op
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News
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