Fitch upgrades GEA

Fitch Ratings said it upgraded GEA Group AG’s long-term issuer default rating and senior unsecured rating to BBB from BBB-.

The short-term issuer default rating also was upgraded to F2 from F3.

The outlook is stable.

The upgrade reflects GEA’s improved business and financial profile, the agency said.

Since 2009, the group has increased its exposure to stable food and beverage markets to 72% of revenues from 43% in 2009 and to stable aftermarket services to 27% from 18%, Fitch said.

The company also reduced its concentration in Western Europe and grown its profitability and cash-flow generation capacity through active working capital management, the agency said.

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