S&P shifts Gates Global view to stable

S&P said it revised its outlook for Gates Global LLC to stable from negative and affirmed the B+ issuer rating.

“Our stable outlook reflects our expectation that over the next 12 months, a rebound in Gates' end markets and cost savings from its restructuring program will increase earnings and improve its credit measures,” S&P said in a press release.

The agency said it estimates Gates’ S&P Global Ratings-adjusted gross debt leverage will rise above 6.5x in 2020, before improving toward 4.5x over the next 12 months.

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