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S&P: KUKA view to positive
Standard & Poor's said it revised its outlook on KUKA AG to positive from stable.
At the same time, the agency affirmed its BB- long-term corporate credit rating on KUKA.
In addition, S&P affirmed its B+ issue rating on KUKA's 8¾% notes due 2017. The recovery rating on this debt instrument is 5, indicating an expectation of modest (10%-30%) recovery prospects in the event of a default.
The outlook revision reflects the view that KUKA is very likely to redeem its 8æ% notes early, as of their first call date on Nov. 15, 2014.
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