Fitch revises Vontier outlook to stable

Fitch Ratings said it changed its outlook for Vontier Corp. to stable from negative and affirmed issuer default rating and all its outstanding debt at BBB-.

“The affirmation and outlook revision to stable reflect the significant debt reduction over the past year, which has accelerated the recovery in leverage metrics. In addition, Fitch expects Vontier's revenue growth and margins to normalize in 2024 as the impact of EMV sunset has mostly played out in 2022-2023. Vontier's ratings continue to reflect the company's position as a global leader in several key markets and its strong FCF generation,” the agency said in a statement.

Fitch noted that Vontier repaid $300 million of debt in 2023, using FCF and a portion of proceeds from divestitures, which lowered its EBITDA leverage to around 3.3x at end-2023 from around 3.7x a year ago.

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