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EssilorLuxottica (EFFP: A2 pos / A / A): Outlook Positive (Moody's)

CREDIT UPDATE
  • Positive: Moody's predict that absent a transformational acquisition leverage will remain around 2.0x and RCF/NetDebt >40%
  • If they maintain these ratios consistently then they will be inline for an upgrade to A1
  • EFFP borrowed EUR 2bn in bonds in August to pay for the Supreme acquisition and to refinance the 0.125% 2025.
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  • Positive: Moody's predict that absent a transformational acquisition leverage will remain around 2.0x and RCF/NetDebt >40%
  • If they maintain these ratios consistently then they will be inline for an upgrade to A1
  • EFFP borrowed EUR 2bn in bonds in August to pay for the Supreme acquisition and to refinance the 0.125% 2025.