Moody's ups Legrand Finance

Moody's Investors Service said it upgraded the long-term issuer and bond ratings of Legrand France SA to Baa1 from Baa2.

The outlook remains stable.

The upgrade reflects a long track record of management's decisive and timely actions to adjust capacity and reduce costs in order to withstand demand cyclicality, resulting in resilient profit margins and cash flow generation throughout the cycle, Moody's said.

Another important factor supporting the upgrade is Legrand's high level of profitability, which is consistently above average in its peer group, the agency said.

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