...The rating upgrade in September 2019 to `BBB+' from `BBB' reflects Fitch Ratings' expectation that Pernod Ricard SA will maintain its leverage consistent with a high `BBB' category despite having moved to more shareholder-friendly financial policies, including the announcement of a EUR1 billion share buyback. We also expect that M&A activity will remain prudent and limited to bolt-on transactions and that the alcoholic drinks company would have the ability to protect its profits in the event of a slowdown of the major global economies. The ratings remain underpinned by Pernod's strong business profile, continued momentum in revenue and profit growth, and strong free cash flow (FCF) despite the company operating also in markets that have experienced challenges. This resilience supports the Stable Outlook....
