Moody’s changes Saputo outlook to stable

S&P said it changed Saputo Inc.’s outlook to stable from negative and affirmed its Baa1 senior unsecured notes rating, Baa1 backed senior unsecured notes rating and (P)Baa1 medium term note program rating.

"The change in outlook to stable from negative reflects the reduced execution risks associated with its 4-year strategic plan and debt to EBITDA declining below 3x," said Dion Bate, a Moody's vice president, in a press release.

"Furthermore, we anticipate Saputo to return to a strong free cash flow position in fiscal 2025 benefiting from better operating margins, lower capex and improved working capital," Bate added.

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