Moody's shifts Ontex outlook to negative

Moody's Investors Service said it changed Ontex Group NV’s outlook to negative.

"The outlook change to negative from stable reflects the company's weak operating performance in 2021 and our expectation that any recovery will be slower than previously anticipated because of rising raw material costs, supply chain disruptions and difficulties in passing price rises to end-customers in some markets, particularly in Europe, the impact of which is not fully offset by cost savings," said Pilar Anduiza, a Moody's analyst and lead analyst for Ontex, in a press release.

Concurrently, Moody's affirmed the company's B1 corporate family rating, the B1-PD probability of default rating and the B1 rating on the €580 million senior unsecured notes due 2026.

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