Fitch upgrades Ceva Sante

Fitch Ratings said it upgraded Financiere Top Mendel SAS' long-term issuer default rating to B+ from B. The agency also lifted to BB-/RR3 from B+/RR3 the secured debt issued by direct subsidiary Financiere Mendel SAS, which directly owns Ceva Sante Animale SA.

“The upgrade reflects Ceva's strong deleveraging of its balance sheet since 2019, with steady volume growth across product segments, alongside a well-managed cost base. This has led to consistent growth in earnings above Fitch's expectations and solid free cash flow generation, including through the pandemic disruption period,”

The outlook is stable.

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