(The following statement was released by the rating agency)
Dec 10 -
-- The credit metrics of French spirits manufacturer Remy Cointreau S.A. continued to improve over its first-half 2013 (ended Sept. 30, 2012).
-- We have revised our assessment of the group's financial risk profile to "intermediate" from "significant".
-- We are raising our long-term corporate credit and issue ratings on Remy Cointreau to 'BB+' from 'BB'.
-- The positive outlook reflects the possibility that we could upgrade Remy Cointreau if it continued to post robust operating performances despite the tough economic climate worldwide, while maintaining conservative financial metrics.
On Dec. 10, 2012, Standard & Poor's Ratings Services raised its long-term corporate credit rating on French spirits manufacturer Remy Cointreau S.A. to 'BB+' from 'BB'. The outlook is positive.
We also raised our issue rating on the EUR205 million unsecured notes to 'BB+' from 'BB', in line with the corporate rating on Remy Cointreau. The recovery rating on these notes is unchanged at '3', indicating our expectation of meaningful (50%-70%) recovery for debtholders in the event of a payment default.