Dufry upgraded by Moody’s to Ba3 with Positive Outlook
Dufry International AG
/ Key word(s): Miscellaneous
Moody’s Investors Service upgraded Dufry’s credit rating to Ba3 from B1 and changed the outlook to positive from stable. According to Moody’s, the rating actions reflect the strong trading in 2022 and solid recovery in credit ratios, the completion of the first step of the credit-enhancing business combination with Autogrill as well as the prospects for sustainable revenue and earnings growth, with expectations of deleveraging. In the rating report published on April 27, 2023, Moody’s referred to Dufry’s results delivery ahead of both Moody’s forecasts and global air passenger volumes, with profitability closely tracking revenue recovery amidst cost discipline. In addition, the rating report mentions the improved leverage level of Dufry (stand-alone), further supported by the very low net debt of Autogrill and the conservative funding structure for the business combination. Moody’s comments on good headroom in regard to covenant testing as well as sufficient liquidity for both concluding the Mandatory Tender Offer (MTO) as well as to address the maturity of Dufry’s 2024 EUR 800 million bond. Legal Disclaimer For further information:
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Language: | English |
Company: | Dufry International AG |
Brunngässlein 12 | |
4010 Basel | |
Switzerland | |
Phone: | +41612664444 |
E-mail: | Headoffice@dufry.com |
Internet: | www.dufry.com |
ISIN: | CH0023405456 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1621137 |
End of News | EQS News Service |
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1621137 28.04.2023 CET/CEST