Moody's changes Corning view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the ratings of Corning Inc., including Baa1 senior unsecured debt rating.

"Corning has done well to restore leverage, free cash flow and margins to levels expected for the Baa1 rating," said David Berge, a Moody's senior vice president and lead analyst for the company, in a press release.

"Strong demand for Corning's products will sustain its performance, but inflation related to supply chain challenges pose a risk to further improvement."

The outlook reflects expectations for modest revenue growth with EBITA margins of close to 15% through 2022, resulting in strong free cash flow and debt to EBITDA below 2.5x over that period, Moody’s said.

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