...The rating affirmation reflects Pernod Ricard S.A.'s strong business profile and demonstrated ability to maintain a good operating performance despite some difficulties in certain markets. The Positive Outlook reflects our expectations regarding the scope for further deleveraging toward Fitch Ratings' positive rating sensitivities by FY20 (ended June 2020) despite Pernod's increased target dividend pay-out ratio to 50% of net income. A material acceleration in bolt-on M&A activity, if not offset by divestments, could risk derailing this trajectory....