Moody’s stabilizes Standard Profil view

Moody's Investors Service said it changed its outlook for Standard Profil Automotive GmbH to stable from negative and affirmed its Caa1 long-term corporate family rating, Caa1-PD probability of default rating and Caa1 backed senior secured instrument.

"The outlook change to stable reflects the company's improved profitability and leverage in the first half of 2023, driven by higher volumes, efficiency gains and the successful pass-through of increased cost to OEM customers," said Matthias Heck, a Moody's vice president, senior credit officer and lead analyst for Standard Profil, in a statement.

"The stable outlook reflects the expectation of a turnaround of currently negative free cash flow generation over the next quarters, considering the company's still weak liquidity situation," Heck added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.