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S&P lifts Heidelberger Druckmaschinen to stable
Standard & Poor's said it revised the outlook to stable from negative on Heidelberger Druckmaschinen AG.
The agency also said it affirmed the company's B long-term corporate credit rating and CCC+ issue rating on its €304 million senior unsecured notes.
The 6 recovery rating on these notes is unchanged, indicating 0% to 10% expected default recovery.
The outlook revision primarily reflects a belief that the company will continue to reap the benefits of the restructuring program it initiated in 2011, S&P said.
While some of the restructuring gains will feed through in fiscal 2013, the agency said it anticipates the main impact on earnings will be in fiscal 2014.
The outlook considers an expectation that the company will deliver stable revenues in fiscal 2014, coupled with an EBITDA margin of about 7%, reflecting the benefits from the restructuring program, S&P said.
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