Fixed Income and Credit Ratings

2024

Current credit rating

Corporate Rating

Fitch: B+

S&P: B

Senior secured debt

Fitch: BB-

S&P: B

Senior unsecured debt

Fitch: B-

S&P: CCC+

Outlook

Fitch: Stable

S&P: Stable

Latest review

Fitch: June 2024

S&P: May 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Notice: These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies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These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies*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
Corporate Rating	B+	B
Senior secured debt	BB-	B
Senior unsecured debt	B-	CCC+
Outlook	Stable	Stable
Latest review	June 2024	May 2024

2023

Current credit rating

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These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies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These credit ratings are only an opinion on the solvency level of the Company and may be reviewed, suspended or withdrawn at any time by the respective rating agencies*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

Current debt issues

⁽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
Grifols S.A.	15 November 2019	837.9 ⁽²⁾	EUR	5.25	Senior secured	15 February 2025	1.625%	Semi-Annual	XS2076836555 XS2076836639	Prospectus
Grifols S.A.	15 November 2019	739.6 ⁽²⁾	EUR	8	Senior secured	15 November 2027	2.25%	Semi-Annual	XS2077646391 XS2077647365	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
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

2022

Current credit rating

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

Current credit rating

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

Current credit rating

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)

2019

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)

2018

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)

2017

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

2016

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

2015

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

2014

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

2013

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