Moody's changes Cerelia view to stable

Moody's Investors Service said it changed to stable from positive the outlook on Cerelia Participation Holding SAS, the parent company of Cerelia Group. Concurrently, the agency affirmed the company's B3 corporate family rating, its B3-PD probability of default rating and the B3 ratings on the €495 million-equivalent senior secured term loan B due 2027 and the €100 million senior secured revolving credit facility due 2026.

“The outlook change to stable from positive reflects Cerelia's weaker than expected operating performance owing to increasing input costs, which is straining margins and cash flow generation, and removing upward pressure on the rating at this point," said Valentino Balletta, a Moody's lead analyst for Cerelia, in a press release.

"While there is limited visibility in the current uncertain environment, the affirmation of the B3 rating reflects our expectation that the company's performance will improve in the next two years allowing it to reduce leverage,” Balletta added.

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