The agency Moody's has reported that it has Grifols ratings withdrawn because it believes they have «insufficient or inadequate» information to support maintaining the ratings. However, Grifols has confirmed that it has cancelled its contract with Moody's Although they continue to work with S&P and FitchSpecifically, the rating agency has withdrawn the 'rating' from the blood derivatives firm Corporate Family Fund (CFR) of 'B3' and the Probability of Default Rating (PDR) of 'B3-PD'. Also, senior unsecured ratings backed by bonds have been removed. 'Caa2' from Grifols Escrow Issuer; senior secured securities backed by 'B2'; Grifols' B2 senior secured term bond and senior secured bank credit lines backed by 'B2' from Grifols World. Before the withdrawal, the outlook was 'stable' for all ratings. Moody's has justified this action because it «believes that it has insufficient or inadequate information to support the maintenance of ratings.» It should be recalled that the agency lowered Just a few weeks ago the corporate family rating (CFR) of the company to 'B3' from 'B2', with a 'stable' outlook and that with this action it concluded «the review for the downgrade initiated on March 5, 2024.» The downgrade of the rating, Moody's detailed, «reflects the still Grifols' high leverageeven considering the expected debt reduction from its recent asset sales, and a recovery in free cash flow (FCF) slower than expected, resulting in credit metrics that will be more in line with a 'B3' rating over the next 12 to 18 months.» «The governance considerations They were also a key factor of action«, in particular the limited predictability of the company's financial performance and risk management, with a history of poor performance, its complex and opaque organisational structure and its transactions with related parties, as well as management rotation,» it stressed.