Fitch revises Picard view to stable

Fitch Ratings said it changed the outlook on Picard Bondco SA to stable from negative and affirmed the issuer default rating at B. The agency also affirmed all ratings for debt instruments issued by Picard Group SAS and Picard Bondco.

“Frozen food retail has benefitted from the pandemic due to strong demand for non-perishable products. Picard has high brand awareness in France, which helps the company to outperform the market,” Fitch said in a press release.

Picard's outlook is supported by the demonstrated ability to control costs and generate positive free cash flow before dividends, reflecting an intact deleveraging capacity, the agency said.

“While refinancing risk is high due to still high leverage for its rating, we expect a steady operating performance and some commitment to improve credit metrics further before large debt refinancing commitments in 2022-2023,” Fitch said.

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