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Grifols: S&P Downgrade, Specifically Alluding To May-25 Bond Repayment

HEALTHCARE

Grifols downgraded by S&P overnight (GRF SM) to B and “CreditWatch Negative” on the cashflow concerns raised at the results (on 29-Feb). Likely to widen today but an idiosyncratic situation.


  • Issuer was at B+ and the CreditWatch is aimed to be resolved within three months.
  • At the results, there was some confusion on the call about negative FCF generation in the latter part of the year. Mgmt did indicate it would revert to analysts with more detail but there has been no public release. The ex-one-offs figure was FCF of EUR351m in 4Q23 but there was a EUR167m one-off in the cost line which was poorly explained.
  • Mgmt has been categoric that the Haier deal will lead to the repayment of the key ’25 bonds – S&P specifically mentioned that it could lower the rating again if it believed the senior unsecured (GRFSM 3.2 05/01/2025) could not be repaid.
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