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Dufry/Avolta (DUFNSW; Ba2, BB; S) {AVOL SW Equity}

CONSUMER CYCLICALS

It's trailed Moody's upgrade with press notice that its been awarded eight new F&B concessions for 10 years at India’s soon-to-be-opened Noida International Airport (South of Delhi). It says it's part of its goal to grow presence in APAC region. As Moody's noted current exposure skewed to Americas/EMEA is driving its below global market growth assumptions for it.

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