Moody's lowers EssilorLuxottica view to stable

Moody's Investors Service said it affirmed the A2 long-term issuer rating of EssilorLuxottica.

Moody's also said it affirmed the provisional A2 and provisional P-1 ratings of EssilorLuxottica's senior unsecured medium-term notes program and affirmed EssilorLuxottica's short-term issuer ratings and commercial-paper ratings at P-1.

The outlook also was revised to stable from positive.

The outlook revision reflects a degree of uncertainty for stakeholders stemming from corporate governance issues, tempering the positive pressure on EssilorLuxottica's credit profile, Moody's said.

The company's operating performance has been good, but developments related to its corporate governance temper those positive factors, the agency said.

EssilorLuxottica's ratings also recognize its position as the global leader in corrective lenses and eyewear market by a large distance to its competitors, Moody's said.

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