Moody's ups Wimm-Bill-Dann outlook to stable

Moody's Investors Service said it has changed the outlook on the Ba3 corporate family rating of Wimm-Bill-Dann OJSC to stable from negative.

The change in outlook reflects Wimm-Bill-Dann's sustainable cash generation and strong credit metrics in a challenging economic environment, improved liquidity and Moody's expectation that the company is well-positioned in the Russian food market to benefit from a sustainable economic recovery and respective recovery of consumer demand when these materialize, according to the agency.

On the back of tight cost control, prudent working capital management, investment flexibility and adjusted product mix, the company has delivered high margins, continued to generate positive free cash flow and managed to reasonably preserve cash, Moody's added.

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