S&P lifts KION Group

S&P said it upgraded KION Group AG to BBB- from BB+.

“KION has overperformed in H1 2021 and raised its outlook for the full year, leading us to revise our base case upward. The global industrial truck market grew 72.3% (in unit terms) in H1 2021, receiving a significant boost from all regions in which KION operates. The order intake (in euro terms) in H1 2021 was 33.7% higher than in H1 2020, driven by a 51% increase in order intake in the ITS segment as customers sought to avoid supply-chain restraints,” S&P said in a press release.

KION is forecasted to deliver stronger credit metrics for 2021, with funds from operations to debt of about 38%-40% and debt to EBITDA of 2.1x-2.3x, the agency said.

The outlook is stable.

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