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:
|FITCH RATINGS||CREDITREFORM RATING||SCOPE RATINGS|
|ANALYST||Marie Fischer-Sabatie||Sabrina Boudella||Elena Stock||Holger Becker||Olaf Tölke|
|LAST UPDATE||December 21, 2021||August 13, 2021||May 28, 2021||December 21. 2021||April 20, 2022|