Grifols sees addressing 2025 maturities ‘efficiently’ in first half of 2024

Grifols said in a statement: “The rating review of Grifols by S&P and Fitch, which resulted in ratings of B and B+ respectively, down from the previous levels of B+ and BB- respectively, comes in light of the 2025 maturities. Rating agencies typically adopt a conservative stance without considering the current status of the efforts and advancements that Grifols is making to address such debt. Grifols continues to conduct business as usual and remain fully committed to implementing our plan to reduce leverage through accelerated EBITDA improvement and the proceeds from the USD 1.8bn Shanghai RAAS 20% sale. Such disposal execution continues to follow already-stated timings and is expected to close in the H1 of 2024.We expect to address our 2025 maturities efficiently in the first half of 2024, considering the SRAAS disposal proceeds and other available options. Executing these commitments will help Grifols achieve leverage levels that should serve as the basis for an improvement on the credit rating agencies’ scorecards.”