Moody's ups Legrand France

Moody's Investors Service said it upgraded the long-term issuer and bond ratings of Legrand France SA to A3 from Baa1.

The outlook is stable.

"We have upgraded Legrand's ratings because we view the company's sustained high operating margins during the past 18 months despite a major decline in revenue in its key geographic markets, as further evidence of the resilience of its business model," Roberto Pozzi, a Moody's vice president, senior analyst and lead analyst for Legrand, said in a news release.

"The stable outlook reflects our expectation that the company's financial policy will remain consistent with its currently moderate leverage."

The upgrade of Legrand's rating was driven by Moody's view that the company's financial performance in the past 18 months has confirmed the resilience of its business model despite a continued major decline in revenue in Italy, one of the company's two main geographic markets, as well as major headwinds in other key markets, the agency said.

© 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.