S&P: Legrand outlook positive

Standard & Poor's said it affirmed its BB long-term and B short-term corporate credit ratings on Legrand and changed the outlook to positive from stable.

"The action reflects Legrand's strong operating performance, and Standard & Poor's expectation that the group's solid free cash flow generation will continue to be dedicated to debt reduction and provide steady improvement in cash flow protection measures," said S&P credit analyst Xavier Buffon.

"The positive outlook reflects Standard & Poor's expectation that Legrand's credit measures will continue to materially improve on a sustained basis, through the combination of solid free cash flow generation, financial discipline, and the benefit of a cyclical business upturn," Buffon added.

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