Fitch upgrades KION

Fitch Ratings said it upgraded its issuer and senior unsecured ratings for KION Group AG's to BBB from BBB-.

“The upgrade follows KION's better-than-expected financial performance during the pandemic coupled with debt reduction following a late-2020 equity raising. KION's business profile has also been more resilient than previously anticipated, resulting in robust cash generation which Fitch believes could improve in the short term. The improvement in KION's capital structure is likely to result in a financial profile that is reflective of the higher rating,” the agency said in a press release.

Fitch noted KION's capital structure has improved following its €800 million equity raise. KION used the proceeds to repay debt and help with liquidity.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.