Moody’s Upgrades Alsea’s Ratings


Mexico City, September 27th, 2022— Alsea, S.A.B. de C.V. (BMV: ALSEA*) “Alsea”, the leading operator of quick service restaurants, coffee shops, casual and family dining establishments in Latin America and Europe, informs that Moody’s upgraded Alsea’s Corporate Family Rating (CFR) and senior unsecured rating to Ba3 from B1. Additionally, Moody’s upgraded Food Service Project, S.A’s senior unsecured notes, which are guaranteed by its parent company Alsea, to Ba3 from B1. Moody’s outlook for these notes is stable.

In its upgrade, Moody’s cited Alsea’s improved operating performance, revenue growth across regions, margin improvement, and investment strategy focused on expansion, modernization, and innovation. The ratings agency also noted Alsea’s EBITDA margin exceeding pre-pandemic levels (24% for LTM June 2022), while simultaneously reducing debt, resulting in a below pre-pandemic level debt-to-EBITDA ratio of 3.5x, for the same period. Also noted was Alsea’s favorable liquidity levels, which have been strengthened by increased internally generated cash flow, low levels of short-term debt, and supported by its EUR 29 million credit facility.

In addition, Moody’s recognized Alsea’s diverse footprint in Latin America and Europe, with a portfolio of 17 leading brands including Starbucks, Domino’s, Burger King, and VIPS.


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Investor Relations Contact Details

Salvador Villaseñor

+52 (55) 7583-2000

Forward-Looking Statements
This press release contains certain forward-looking information regarding the Company’s results and outlook. However, actual results may vary materially from these estimates. Information on future events contained in this release should be read jointly with the risk summary in the Annual Report. This information, as well as future reports made by the Company or any of its representatives, whether verbally or in writing, may vary significantly from actual results. These projections and estimates, which are prepared in reference to a determined date, should not be taken as fact. The Company is in no way liable for updating or revising any of these projections and estimates, whether as a result of new information, future events or other associated events.
About Alsea
Alsea is the leading restaurant operator in Latin America and Europe of global brands in the quick service, coffee shop, fast casual, casual and family dining segments. It has a diversified portfolio, with brands such as Domino’s Pizza, Starbucks, Burger King, Chili’s, P.F. Chang’s, Italianni’s, The Cheesecake Factory, Vips, Vips Smart, El Portón, Archies, Foster’s Hollywood, Gino’s, TGI Fridays, Ole Mole and Corazón de Barro. The company operates more than 4,200 units in Mexico, Spain, Argentina, Chile, Colombia, France, Portugal, Netherlands, Belgium, Luxembourg and Uruguay. Alsea’s business model includes support for its brands through a Shared Services Center that provides all the Administrative and Development Processes, as well as the Supply Chain. For more information please visit:

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