Elior Group (Euronext Paris – ISIN: FR 0011950732), a world leader in catering and multiservices, announces that Fitch Ratings has upgraded its rating to BB- with a stable outlook and a recovery rating of RR4.

This improvement reflects the upgrade in Elior's standalone credit profile from B to B+, which is the result of continued strong operating performance, as evidenced by higher EBITDA margins, reduced debt and sustained positive free cash flow (FCF).

The overall improvement in Elior's Issuer Default Rating (IDR) by one notch, from B+ to BB-, considers Elior's status as a beneficiary of the quality of its reference shareholder Derichebourg S.A. (BB+/Stable), which holds a 48% stake in the group.

Didier GRANDPRE, Chief Financial Officer of Elior Group, comments: "This upgrade of our IRD rating is a strong indicator of the tangible improvement in our financial profile and the discipline of our debt reduction strategy. This performance is a natural consequence of the strength of our business model, which is distinguished by our leadership in contract catering in France and synergies with Derichebourg Multiservices activities. Far from being an end in itself, this rating encourages us in our efforts to reduce financial leverage."