Moody’s eyes Grifols for downgrade

Moody's Investors Service said it placed the ratings of Grifols SA and its subsidiaries on review for downgrade.

The ratings placed on review for downgrade include Grifols' B2 corporate family rating, B2-PD probability of default rating, Caa1 senior unsecured rating and Ba3 backed senior secured rating and senior secured rating.

They also include the Caa1 backed senior unsecured ratings of Grifols Escrow Issuer, SAU and the Ba3 backed senior secured ratings of Grifols World Wide Operations Ltd. and Grifols World Wide Operations USA, Inc.

Previously, the outlook was negative.

“The review follows the publication by Grifols of its full-year 2023 results and considers the weaker free cash flow generation in 2023-24 than Moody's had projected and the delay in its audited accounts publication,” the agency said in a news release.

“It also considers Grifols' approaching debt maturities, including two bonds due in February 2025 and May 2025 and a $1 billion revolving credit facility due in November 2025, which it has not yet addressed.”

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