...The affirmation reflects Fitch Ratings' expectation that Pernod Ricard S.A. will maintain its leverage consistent with a high `BBB' category due to strong cash flow. This cash flow should be sufficient to cover increased dividends, a EUR1 billion share buyback planned for the financial year to end-June 2020 (FY20) and potential bolt-on M&A over FY20-FY23 and still achieve a moderate degree of de-leveraging from FY19's level. Fitch assumes that any deceleration in Pernod's revenue growth in Asia (due to the novel coronavirus outbreak in China and social unrest in Hong Kong ) would be temporary and would not negatively affect the company's underlying credit profile due to its operational and financial flexibility....
