Fixed Income and Credit Ratings

2025

 

Corporate Rating
Fitch

B+

S&P

B+

Moody's

B2

Senior secured debt
Fitch

BB-

S&P

B+

Moody's

B1

Senior unsecured debt
Fitch

B-

S&P

B-

Moody's

Caa1

Outlook
Fitch

Stable

S&P

Stable

Moody's

Positive

Latest review
Fitch

December 2024

S&P

December 2024

Moody's

May 2025

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies
  Fitch S&P Moody's

Corporate Rating

B+

B+

B2

Senior secured debt

BB-

B+

B1

Senior unsecured debt

B-

B-

Caa1

Outlook

Stable

Stable

Positive

Latest review

December 2024

December 2024

May 2025

(1)  equivalent to 600M EUR 
(2) Principal amount reflects the cancellation of Notes repurchased on January 11, 2022 pursuant to the terms of the Asset Sale Offer dated December 2, 2021
Issuer Issue date Amount (M) Currency Term at issue (years) Rank Maturity Coupon Coupon payment ISIN Code Prospectus

Grifols S.A.

15 November 2019

739.6 (2)

EUR

8

Senior secured

15 November 2027

2.25%

Semi-Annual

XS2077646391
XS2077647365
Prospectus

">

Prospectus

Grifols S.A.

5 October 2021

1,400

EUR

7

Senior unsecured

15 October 2028

3.875%

Semi-Annual

XS2393001891
XS2393002519
Prospectus

">

Prospectus

Grifols S.A.

5 October 2021

705 (1)

USD

7

Senior unsecured

15 October  2028

4.75%

Semi-Annual

USE57009AA55
US39843UAA07
Prospectus

">

Prospectus

Grifols S.A.

30 April 2024

1,300

EUR

6

Senior secured

1 May  2030

7.5%

Semi-Annual

XS2805352064
XS2805351843

Grifols S.A.

19 December 2024

1,300

EUR

6

Senior secured

1 May  2030

7.125%

Semi-Annual

XS2961445090
XS2961452039

2024

 

Corporate Rating
Fitch

B+

S&P

B+

Moody's

B3

Senior secured debt
Fitch

BB-

S&P

B+

Moody's

B2

Senior unsecured debt
Fitch

B-

S&P

B-

Moody's

Caa2

Outlook
Fitch

Stable

S&P

Stable

Moody's

Positive

Latest review
Fitch

December 2024

S&P

December 2024

Moody's

December 2024

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies
  Fitch S&P Moody's

Corporate Rating

B+

B+

B3

Senior secured debt

BB-

B+

B2

Senior unsecured debt

B-

B-

Caa2

Outlook

Stable

Stable

Positive

Latest review

December 2024

December 2024

December 2024

(1)  equivalent to 600M EUR 
(2) Principal amount reflects the cancellation of Notes repurchased on January 11, 2022 pursuant to the terms of the Asset Sale Offer dated December 2, 2021
Issuer Issue date Amount (M) Currency Term at issue (years) Rank Maturity Coupon Coupon payment ISIN Code Prospectus

Grifols S.A.

15 November 2019

739.6 (2)

EUR

8

Senior secured

15 November 2027

2.25%

Semi-Annual

XS2077646391
XS2077647365
Prospectus

">

Prospectus

Grifols S.A.

5 October 2021

1,400

EUR

7

Senior unsecured

15 October 2028

3.875%

Semi-Annual

XS2393001891
XS2393002519
Prospectus

">

Prospectus

Grifols S.A.

5 October 2021

705 (1)

USD

7

Senior unsecured

15 October  2028

4.75%

Semi-Annual

USE57009AA55
US39843UAA07
Prospectus

">

Prospectus

Grifols S.A.

30 April 2024

1,300

EUR

6

Senior secured

1 May  2030

7.5%

Semi-Annual

XS2805352064
XS2805351843

Grifols S.A.

19 December 2024

1,300

EUR

6

Senior secured

1 May  2030

7.125%

Semi-Annual

XS2961445090
XS2961452039

2023

 

Corporate Rating
Fitch

BB-

S&P

B+

Moody's

B2

Senior secured debt
Fitch

BB+

S&P

BB-

Moody's

Ba3

Senior unsecured debt
Fitch

B+

S&P

B-

Moody's

Caa1

Outlook
Fitch

Negative

S&P

Stable

Moody's

Negative

Latest review
Fitch

September 2023

S&P

September 2022

Moody's

March 2023

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies
  Fitch S&P Moody's

Corporate Rating

BB-

B+

B2

Senior secured debt

BB+

BB-

Ba3

Senior unsecured debt

B+

B-

Caa1

Outlook

Negative

Stable

Negative

Latest review

September 2023

September 2022

March 2023

(1)  equivalent to 600M EUR 
(2) Principal amount reflects the cancellation of Notes repurchased on January 11, 2022 pursuant to the terms of the Asset Sale Offer dated December 2, 2021
Issuer Issue date Amount (M) Currency Term at issue (years) Rank Maturity Coupon Coupon payment ISIN Code Prospectus

Grifols S.A.

1 May 2017

1,000

EUR

8

Senior unsecured

1 May 2025

3.20%

Semi-Annual

XS1598757760
XS1598758578
Prospectus

">

Prospectus

Grifols S.A.

15 November 2019

837.9 (2)

EUR

5.25

Senior secured

15 February 2025

1.625%

Semi-Annual

XS2076836555
XS2076836639
Prospectus

">

Prospectus

Grifols S.A.

15 November 2019

739.6 (2)

EUR

8

Senior secured

15 November 2027

2.25%

Semi-Annual

XS2077646391
XS2077647365
Prospectus

">

Prospectus

Grifols Escrow Issuer, S.A.U

5 October 2021

1,400

EUR

7

Senior unsecured

15 October 2028

3.875%

Semi-Annual

XS2393001891
XS2393002519
Prospectus

">

Prospectus

Grifols Escrow Issuer, S.A.U

5 October 2021

705 (1)

USD

7

Senior unsecured

15 October  2028

4.75%

Semi-Annual

USE57009AA55
US39843UAA07
Prospectus

">

Prospectus

2022

 

Corporate Rating
Fitch

BB-

S&P

B+

Moody's

B1

Senior secured debt
Fitch

BB+

S&P

BB-

Moody's

Ba3

Senior unsecured debt
Fitch

B+

S&P

B-

Moody's

B3

Outlook
Fitch

Stable

S&P

Stable

Moody's

Negative

Latest review
Fitch

September 2022 (NC)

S&P

September 2022

Moody's

September 2022 (NC)

NC: No changes following the latest review  

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies

NC: No changes following the latest review  

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies
  Fitch S&P Moody's

Corporate Rating

BB-

B+

B1

Senior secured debt

BB+

BB-

Ba3

Senior unsecured debt

B+

B-

B3

Outlook

Stable

Stable

Negative

Latest review

September 2022 (NC)

September 2022

September 2022 (NC)

2021

 

Corporate Rating
Fitch

BB-

S&P

BB-

Moody's

B1

Senior secured debt
Fitch

BB+

S&P

BB

Moody's

Ba3

Senior unsecured debt
Fitch

B+

S&P

B

Moody's

B3

Outlook
Fitch

Stable

S&P

Negative

Moody's

Negative

Latest review
Fitch

September 2021

S&P

September 2021

Moody's

December 2021

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies.

Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies.
  Fitch S&P Moody's

Corporate Rating

BB-

BB-

B1

Senior secured debt

BB+

BB

Ba3

Senior unsecured debt

B+

B

B3

Outlook

Stable

Negative

Negative

Latest review

September 2021

September 2021

December 2021

2020

 

Corporate Rating
S&P

BB

Moody's

Ba3

Senior secured debt
S&P

BB+

Moody's

Ba2

Senior unsecured debt
S&P

B+

Moody's

B2

Outlook
S&P

Stable

Moody's

Negative

Latest review
S&P

July 2020 (NC)

Moody's

November 2020 (NC, except for change outlook)

NC: No changes following the lastest review
Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies.

NC: No changes following the lastest review
Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies.
  S&P Moody's

Corporate Rating

BB

Ba3

Senior secured debt

BB+

Ba2

Senior unsecured debt

B+

B2

Outlook

Stable

Negative

Latest review

July 2020 (NC)

November 2020 (NC, except for change outlook)
 

Corporate Rating
S&P

BB

Moody's

Ba3

Senior secured debt
S&P

BB+

Moody's

Ba2

Senior unsecured debt
S&P

B+

Moody's

B2

Outlook
S&P

Stable

Moody's

Neutral

Latest review
S&P

November 2019 (NC)

Moody's

November 2019 (NC)

NC: No changes following the lastest review

NC: No changes following the lastest review
  S&P Moody's

Corporate Rating

BB

Ba3

Senior secured debt

BB+

Ba2

Senior unsecured debt

B+

B2

Outlook

Stable

Neutral

Latest review

November 2019 (NC)

November 2019 (NC)
 

Corporate Rating
S&P

BB

Moody's

Ba3

Senior secured debt
S&P

BB+

Moody's

Ba2

Senior unsecured debt
S&P

B+

Moody's

B2

Outlook
S&P

Stable

Moody's

Neutral

Latest review
S&P

June 2018 (upgrade)

Moody's

April 2018 (NC)

NC: No changes following the lastest review

NC: No changes following the lastest review
  S&P Moody's

Corporate Rating

BB

Ba3

Senior secured debt

BB+

Ba2

Senior unsecured debt

B+

B2

Outlook

Stable

Neutral

Latest review

June 2018 (upgrade)

April 2018 (NC)
 

Corporate Rating
S&P

BB

Moody's

Ba3

Senior secured debt
S&P

BB

Moody's

Ba2

Senior unsecured debt
S&P

B+

Moody's

B2

Outlook
S&P

Stable

Moody's

Neutral

  S&P Moody's

Corporate Rating

BB

Ba3

Senior secured debt

BB

Ba2

Senior unsecured debt

B+

B2

Outlook

Stable

Neutral
 

Corporate Rating
S&P

BB

Moody's

Ba3

Senior secured debt
S&P

BB

Moody's

Ba2

Senior unsecured debt
S&P

B+

Moody's

B2

Outlook
S&P

Stable

Moody's

Neutral

  S&P Moody's

Corporate Rating

BB

Ba3

Senior secured debt

BB

Ba2

Senior unsecured debt

B+

B2

Outlook

Stable

Neutral
 

Corporate Rating
S&P

BB

Moody's

Ba2

Senior secured debt
S&P

BB

Moody's

Ba1

Senior unsecured debt
S&P

B+

Moody's

B1

Outlook
S&P

Stable

Moody's

Neutral

  S&P Moody's

Corporate Rating

BB

Ba2

Senior secured debt

BB

Ba1

Senior unsecured debt

B+

B1

Outlook

Stable

Neutral
 

Corporate Rating
S&P

BB

Moody's

Ba2

Senior secured debt
S&P

BB

Moody's

Ba1

Senior unsecured debt
S&P

B+

Moody's

B1

Outlook
S&P

Stable

Moody's

Negative

  S&P Moody's

Corporate Rating

BB

Ba2

Senior secured debt

BB

Ba1

Senior unsecured debt

B+

B1

Outlook

Stable

Negative
 

Corporate Rating
S&P

BB

Moody's

Ba2

Senior secured debt
S&P

BB+

Moody's

Ba1

Senior unsecured debt
S&P

B+

Moody's

B1

Outlook
S&P

Stable

Moody's

Negative

  S&P Moody's

Corporate Rating

BB

Ba2

Senior secured debt

BB+

Ba1

Senior unsecured debt

B+

B1

Outlook

Stable

Negative