Fitch lifts Picard BondCo

Fitch Ratings said it upgraded Picard BondCo SA’s senior notes to BB with a recovery rating of RR2 from BB- with recovery rating of RR3.

Fitch also said it affirmed Picard’s long-term issuer default rating at B+ with stable outlook and Picard Groupe SAS’s €480 million floating-rate notes and revolving credit facility at BB with recovery rating of RR2.

The upgrade of the senior notes follows the Oct. 29 partial prepayment of €115 million out of €300 million. According to the payment waterfall, this repayment mechanically increases the recovery prospects of the remaining €185 million senior notes, Fitch said.

The ratings are supported by Picard’s strong business model, which demonstrates its resilience, in terms of EBITDA and free cash flow generation in a long-lasting weak consumer environment, the agency said.

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