Mexico City, September 27th, 2022— Alsea, S.A.B. de C.V. (BMV: ALSEA*) “Alsea”, the leading operator of quick service restaurants, coffee shops, casual and family dining establishments in Latin America and Europe, informs that Moody’s upgraded Alsea’s Corporate Family Rating (CFR) and senior unsecured rating to Ba3 from B1. Additionally, Moody’s upgraded Food Service Project, S.A’s senior unsecured notes, which are guaranteed by its parent company Alsea, to Ba3 from B1. Moody’s outlook for these notes is stable.
In its upgrade, Moody’s cited Alsea’s improved operating performance, revenue growth across regions, margin improvement, and investment strategy focused on expansion, modernization, and innovation. The ratings agency also noted Alsea’s EBITDA margin exceeding pre-pandemic levels (24% for LTM June 2022), while simultaneously reducing debt, resulting in a below pre-pandemic level debt-to-EBITDA ratio of 3.5x, for the same period. Also noted was Alsea’s favorable liquidity levels, which have been strengthened by increased internally generated cash flow, low levels of short-term debt, and supported by its EUR 29 million credit facility.
In addition, Moody’s recognized Alsea’s diverse footprint in Latin America and Europe, with a portfolio of 17 leading brands including Starbucks, Domino’s, Burger King, and VIPS.
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
Salvador Villaseñor
ri@alsea.com.mx
+52 (55) 7583-2000