Moody's shifts Grifols view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the Ba3 corporate family rating Grifols SA, its Ba3-PD probability of default rating and its B2 senior unsecured rating.

At the same time, Moody's affirmed the Ba2 senior secured ratings of Grifols, Grifols World Wide Operations Ltd. and Grifols World Wide Operations USA, Inc. The agency also changed the outlooks for the units to negative from stable.

"The negative outlook reflects our view that declining plasma collection and management's willingness to use cash for acquisitions instead of debt reduction will constrain Grifols' ability to significantly reduce its leverage in 2021, the assumption underpinning the current Ba3 rating," said Vincent Gusdorf, a Moody's vice president, senior credit officer and lead analyst for Grifols, in a press release.

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