EQT's Lab Firm Cerba Downgraded by Moody's on Growth Outlook [Financial Post (Toronto, Ontario, Canada)]
Moody's Corporation (MCO)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Moody's Ratings downgraded French laboratories firm Cerba, warning its capital structure risks becoming unsustainable without an increase in earnings and cash flow. Cerba's financial and credit profile has “significantly weakened” with €4.7 billion ($5.2 billion) of adjusted debt as of June 30 June, the ratings agency commented in a note published on Tuesday. The company spent more than €3 billion buying other European labs between 2020 and 2022. “While these acquisitions offer potential for growth and market expansion, they also introduce significant execution risk, particularly in terms of integrating these new entities into the larger corporate structure and realizing the anticipated cost synergies,” Moody's analysts wrote. The ratings firm cut the parent company's rating one notch to Caa1, seven steps into high-yield territory. It also downg
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