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Elior: share drops after Moody's downgrade

( - Elior shares fell heavily on the Paris stock exchange on Friday morning following the downgrading of the catering specialist's credit rating by Moody's.

In the first hour of trading the restaurant operator's shares were down 5%, the second biggest drop in the SBF 120 index after EDF, which was collapsing not far off -20% at the same time.

The financial rating agency Moody's announced on Thursday evening that it had lowered Elior's credit rating to "B1" from "Ba3", while giving it a "stable" outlook.

The downgrade reflects the prospect of a slower-than-expected recovery in Elior's profitability compared to what was anticipated in June 2021 due to the rapid spread of the Omicron variant, Moody's explained.

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