Moody's confirmed EssilorLuxottica's long-term A2 credit rating on May 12, just before the May 16 annual meeting of the group (see the related article in this issue), but cut the outlook to “stable” from “positive.” The American rating agency confirmed the company's short-term ratings. Moody's said that the outlook was downgraded “to reflect a degree of uncertainty for stakeholders stemming from corporate governance issues, tempering the positive pressure on EssilorLuxottica's credit profile.” Moody's expects EssilorLuxottica's liquidity profile to “remain excellent” over the next 12 months. It anticipates that the group will generate free cash flow, after dividends, in excess of €1 billion in 2019 and then to steadily increase thereafter, partly driven by €420-600 million worth of cost and revenue synergies.