Danone on Friday claimed its financial position was “sound” after credit rating agency Moody’s said a slowdown in the French food group’s cash flow could lengthen the amount of time it takes to repay its debt.

Moody’s changed its outlook on Danone’s A3 senior unsecured debt rating to “negative” from “stable” on Friday as it warned that weakening ­consumer sentiment in Europe and slowing emerging markets sales could hurt the group’s financial performance.