Fitch ups Cedria outlook to positive

Fitch Ratings said it changed Cedria's outlook to positive from stable, noting that its national ratings are affirmed at long-term BB+(tun) and short-term B(tun).

"The change in outlook reflects the sustained improvement in Cedrias revenue and EBITDAR and the consolidation of the company's leading position in a better context characterised by the thorough restructuring of the downstream poultry industry in the wake of the receded bird flu," said Wassel Madani, associate director at Fitch's corporates team in Tunis.

"The outlook also stresses the strategic importance of the company ensuring, together with Poulina sisters and partners, nearly 60% of the national supplies of maize and soybean meal, which are the main ingredients in the manufacture of composite animal feed for poultry and livestock."

The positive outlook reflects Fitch's expectation that the company will be able to reduce debt and leverage levels in the next two years from current levels from retained cash flow and asset sales, in particular non-core real estate assets.

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