Scope’s Reversion of Sanofi’s Rating Outlook to Stable

The reversion of Sanofi’s rating Outlook to Stable from Positive reflects the delayed deleveraging towards a net cash position in the short term (compared to Scope’s expectations in 2021) and the uncertainties about the usage of Sanofi’s financial headroom over the next few years. “Sanofi can still use such headroom for bolt-on acquisitions,” writes Scope Ratings, “which would delay the ability to deleverage to a net cash position.”

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In contrast to Moody’s Investors Service, Fitch Ratings and S&P Global, only Scope Ratings had a positive outlook for the AA (Double A) rating, while Creditreform Rating, Fitch Ratings and Moody’s even sees Sanofi only in the A (Single A) range:

MOODY’SSTANDARD &
POOR’S
FITCH RATINGSCREDITREFORM RATINGSCOPE RATINGS
ANALYSTMarie Fischer-SabatieSabrina BoudellaElena StockHolger BeckerOlaf Tölke
SHORT-TERM RATINGP-1A-1+F1+S-1+
LONG-TERM RATINGA1AAA+A+AA
OUTLOOKStableStableStableStableStable
LAST UPDATEDecember 21, 2021August 13, 2021May 28, 2021December 21. 2021April 20, 2022

Published by:

Dr. Oliver Everling

Independent since 1998, he is Managing Director of RATING EVIDENCE GmbH. As visiting professor of Capital University of Economics and Business in Beijing, former chairman of the supervisory board of a rating agency, advisory board member, advisor, member of rating committees, chairman of ISO-TC Rating Services, author or publisher of books and a magazine, Independent Non-Executive Director under EU Regulation on Credit Rating Agencies, he has been or is involved in ratings from a variety of perspectives. Previously, he was for 6 years department director at Dresdner Bank and, until 1993, managing director of the Projektgesellschaft Rating mbH after a doctorate at the banking and stock exchange seminar of the University of Cologne.

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