Bankinter : Moody’s decision is motivated by “weak” liquidity, high leverage (6.8x EBITDA despite the recent sale of 20% of Shanghai RAAS), corporate governance with a “complex and opaque organisational structure”, highlighting the linked operations between Grifols, Scranton, Haema and BPC, and “slower than expected” free cash flow generation. In contrast, Fitch maintained its rating at B+ and upgraded the outlook from negative to stable.
Assessment: News with a negative impact, although it does not reveal anything new, and which should have a negative impact on the price of outstanding bond issues. These ratings are Non-Investment Grade debt.
