Moody's upgrades Harman

Moody's Investors Service said it upgraded Harman International Industries, Inc.'s senior unsecured rating to Baa1.

The outlook is stable.

Moody's said it increased the rating uplift related to the Samsung Electronics Co., Ltd. ownership to two notches, raising Harman's senior unsecured rating to Baa1, the agency said.

The increased ratings uplift reflects the greater strategic coordination of Harman's operations into Samsung over the past year, particularly in the connected car segment, utilizing Samsung's displays in Harman's automotive infotainment systems, the agency said.

Harman's Baa1 senior unsecured rating reflects Harman's leading market position in its primary segment and in branded car audio, strong market position and brands across its operating segments, Moody's said.

The agency said it expects Harman to grow its backlog of awarded business and generate consistent EBITDA margins in the upper single-digits over time.

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