Moody's ups KUKA notes to Ba3

Moody's Investors Service said it upgraded KUKA AG's corporate family rating and probability of default rating to Ba3 and Ba3-PD from B1 and B1-PD, respectively.

Concurrently, Moody's upgraded the rating on the company's senior secured notes due 2017 by two notches, to Ba3 from B2.

The outlook has been changed to stable from positive.

"We have upgraded KUKA's CFR because we believe that there has been a structural improvement in the company's margins and cash flow generation, both in terms of higher levels and lower volatility through the cycle, as a result of its operational restructuring following the 2008-09 global economic downturn," Martin Fujerik, Moody's lead analyst for KUKA, said in a news release.

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