Moody's downgrades Ethypharm

Moody's Investors Service said it downgraded the corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD of Financiere Verdi I SAS (Ethypharm). The agency also trimmed to B3 from B2 the €270 million guaranteed senior secured term loan B, the £245 million guaranteed senior secured term loan B, and the €84 million guaranteed senior secured multicurrency revolving credit facility.

“The downgrade of Ethypharm's rating to B3 reflects the deterioration of Ethypharm's key credit metrics and delayed deleveraging as a result of Altan's partially debt-funded acquisition at a time when leverage is high because of Ethypharm's weaker performance in 2021. This was driven by the coronavirus pandemic, Baclocur's low market penetration in France since it was launched in December 2020, and the loss of a renewable tender in the US through its commercial partner,” Moody’s said in a press release.

The outlook remains stable.

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