...The impact of the coronavirus pandemic and related economic crisis on the credit profiles of Fitch-rated fast-moving consumer goods (FMCG) companies depends on their product portfolio structure, diversification, financial flexibility and corrective actions to offset any pressure, including suspensions of share buybacks. Large investment-grade companies are better positioned to sustain their ratings than smaller companies in the `B' rating category, particularly those that have adopted leveraged capital structures. Since early March 2020, Fitch Ratings has affirmed the ratings of Diageo plc, Pernod Ricard S.A., Carlsberg Breweries A/S, Coca- Cola European Partners plc (CCEP) and Anheuser Busch InBev NV/SA (ABI), although it revised ABI's Outlook to Stable from Positive. Fitch has downgraded the rating of furniture company International Design Group S.p.A. (IDG) by one notch to `B' with a Negative Outlook, and downgraded Oriflame Investment Holding Plc's rating by one notch to `B'. How Are...
