S&P: Rémy Cointreau view stable

Standard & Poor's said it revised the outlook on Rémy Cointreau SA to stable from negative, reflecting the positive evolution of the group's financial metrics and expectation that the group's cash-generation capacity will be resilient enough over time to keep its financial profile in line with guidance.

S&P affirmed the BB- long-term corporate credit and senior unsecured debt ratings.

Ratings reflect Rémy Cointreau's aggressive financial profile, limited discretionary cash flow generation, significant use of uncommitted lines for liquidity management and exposure to currency evolution, the agency said, despite its leading position in cognac and its presence in other high-margin drink categories.

The agency said it expects the issuer to keep a net debt-to-EBITDA ratio at about 3.5 times.

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