Pernod Ricard S.A. http://www.alacrastore.com/company-snapshot/Pernod_Ricard_S_A-1013107 Thursday, July 24, 2008 4:03:06 PM 1013107 Pernod Ricard S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/382142_report_framefitch/382142_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Pernod Ricard S.A.803603534/10/2008 2:23:00 PM0100000001030000010301000103010201040000425Full Rating Report012069382142_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/415687_pr_framefitch/415687_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Pernod Ricard S.A.803603534/1/2008 10:07:00 AM010000000103000001030100010301020104000085Press Release012069415687_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/640142spcred/640142normThe latest News from S&P3/31/2008 3:41:59 PMNews100global640142FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsNewsPARIS (Standard&Poor's) March 31, 2008--Standard&Poor's Ratings Services said today that it changed the outlook on French spirits manufacturer Pernod Ricard S.A. (Pernod) to negative from stable, due to a deterioration in Pernod's financial profile following the group's announcement of its fully debt-financed acquisition of Swedish Vin&Sprits Group (V&S) for about €5.6 billion. At the same time, Standard&Poor's affirmed its 'BB+/B' long- and short-term corporate credit and 'BB+' debt ratings on the group. "The ratings on Pernod continue to reflect its highly leveraged capital structure and opportunistic acquisition strategy," said Standard&Poor's credit analyst Michael Seewald. "They benefit, however, from Pernod's enhanced position as a leading manufacturer and marketer in the stableFRAF7202J30201020 302010 3020 30Pernod Ricard S.A.390124EUROMIDAFRRI@FPNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640143spcred/640143normThe latest Research Update from S&P3/31/2008 3:41:59 PMResearch Update175global640143FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn March 31, 2008, Standard&Poor's Ratings Services changed the outlook on French spirits manufacturer Pernod Ricard S.A. (Pernod) to negative from stable, due to a deterioration in Pernod's financial profile following the group's announcement of its fully debt-financed acquisition of Swedish Vin&Sprits Group (V&S) for about €5.6 billion. At the same time, Standard&Poor's affirmed its 'BB+/B' long- and short-term corporate credit and 'BB+' debt ratings on the group. The ratings on Pernod continue to reflect its highly leveraged capital structure and opportunistic acquisition strategy. They benefit, however, from Pernod's enhanced position as a leading manufacturer and marketer in the stable and cash-generative spirits industry. The group's adjusted net debt was €7 billion at Dec.FRAF7202J30201020 302010 3020 30Pernod Ricard S.A.390124EUROMIDAFRRI@FPRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/63286cs/63286norm1501/7/2008 10:05:00 PM63286 #### Euro Consumer Goods Outlook Heading into #### trading conditions are expected to remain challenging for the mass-market Euro consumer goods names, reflecting rising commodity costs, U.S. dollar weakness and an ongoing limited ability...2702YesD0Article1031631138510041542091163410116281051874corp478724821Sector OutlooksWe maintain our underweight recommendation on the Euro Consumer Goods sector heading into 2008, fuelled by significant uncertainty surrounding Cadbury Schweppes in the coming months and ongoing M&A event risk in the luxury segment.63286Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/COP_600800moodys/COP_600800htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Pernod Ricard S.A. Pernod Ricard S.A. Paris, France Ratings Category Moody's Rating Outlook Rating(s) Under Review Issuer Rating *Baa# Senior Unsecured -Dom Curr *Baa#...1/3/2008 3:32:00 PMhtmlPernod Ricard S.A.Pernod Ricard S.A.600800150.0000NewsCredit OpinionCOP_600800Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_106607moodys/PBC_106607pdfAnalysis12/18/2007 4:40:46 PM...Over the past years, Pernod Ricard has entirely refocused its operations on the strategic wine & spirits segments and divested non-core businesses (i.e. soft-drink businesses, stake in Britvic and QSR fast-food chains). Pernod Ricard has also improved its geographic diversification and diluted its exposure to the French market from ##% of to tal sales in FY##/## down to ##% in FY##/##. The company increased its sales outsi de Europe to ##% of revenues at FY##/## from ##% in FY##/##. ... Pernod Ricard S.A.600800300.0000AnalysispdfPernod Ricard S.A.PBC_106607Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/361944_report_framefitch/361944_report_framepdfPernod Ricard S.A.8036035312/14/2007 10:06:00 AM01030000010301000103010201040000150Credit Update012069Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.361944_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/616303spcred/616303normThe latest Summary from S&P11/30/2007 8:37:00 AMSummary175global616303FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on France-based spirits manufacturer and marketer Pernod Ricard S.A. (Pernod) reflect its highly leveraged capital structure and opportunistic acquisition strategy. The ratings benefit, however, from Pernod's position as a leading manufacturer and marketer in the stable and cash-generative spirits industry, underpinned by its deep and diversified brand portfolio. Adjusted net debt was €6.9 billion at June 30, 2007. The group has restored its financial profile in line with the ratings. It has also indicated, however, its willingness to resume potentially large acquisitions, which could result in significantly higher debt. Interest expenses and working-capital requirements will continue to constrain Pernod's free cash flow generation over the short term, although increased profitability and organic growth are expected to continue toFRAF7202J30201020 302010 3020 30Pernod Ricard S.A.390124EUROMIDAFRRIFPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/616302spcred/616302normThe latest Full Report from S&P11/30/2007 4:36:00 AMFull Report400global616302FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsFull ReportPosition as one of the leading manufacturers in the stable and cash-generative spirits industry. Excellent brand diversification of the group's spirit and wine portfolio. Balanced geographic diversification. Aggressive financial policy. High leverage resulting from debt-financed acquisition. Greater exposure to mature markets or categories than best peers. The ratings on France-based spirits manufacturer and marketer Pernod Ricard S.A. (Pernod) reflect its highly leveraged capital structure and opportunistic acquisition strategy. The ratings benefit, however, from Pernod's position as a leading manufacturer and marketer in the stable and cash-generative spirits industry, underpinned by its deep and diversified brand portfolio. Adjusted net debt was €6.9 billion at June 30, 2007. The group has restored its financial profile in line with the ratings. It hasFRAF7202J30201020 302010 3020 30Pernod Ricard S.A.390124EUROMIDAFRRIFPFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/597714spcred/597714normThe latest Summary from S&P8/23/2007 1:32:01 PMSummary175global597714FranceDistillers & VintnersEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on France-based spirits manufacturer and marketer Pernod Ricard S.A. reflect its highly leveraged capital structure and opportunistic acquisition strategy. The ratings benefit, however, from Pernod's position as a leading manufacturer and marketer in the stable and cash-generative spirits industry, underpinned by its deep and diversified brand portfolio. Adjusted net debt was €7.4 billion at Dec. 31, 2006. The group has now restored a financial profile in line with the ratings. It has also indicated, however, its willingness to resume potentially large acquisitions, which could result in significantly higher debt. Interest expenses and working-capital requirements will continue to constrain Pernod's free cash flow generation over the short term, although increased profitability and organic growth are expected to continue toFRAF7202J30201020 302010 3020 30Pernod Ricard S.A.390124EUROMIDAFRRIFPSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Research