Moody's moves Lear outlook to stable

Moody's Investors Service said it affirmed Lear Corp.’s Baa2 senior unsecured rating and changed the rating outlook to stable from negative.

“The rating action reflects Moody's expectation for the continued rebound in operating results as global light vehicle volumes recover through 2024. Financial leverage remains modestly high due to the financial impact of the pandemic-driven shutdowns; however, margins and free cash flow will benefit from improving operating leverage, prior cost-saving restructurings and favorable product mix towards light trucks and SUVs in the U.S. and luxury vehicles in Europe and Asia,” Moody’s said in a press release.

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