Fitch ups Legrand to positive

Fitch Ratings said it revised the outlook on Legrand SA to positive from stable and affirmed the BBB long-term issuer default rating, BBB senior rating and F2 short-term issuer default rating.

The ratings and outlook revision reflect Legrand's strengthened financial profile, strong level of profitability and cash flow generation, cost-cutting measures, lower input costs and higher capacity utilization levels, Fitch said.

The ratings also consider its exposure to mature and cyclical construction markets and the still-weak state of the European commercial real-estate market, which is likely to restrict the extent to which the company can pass on cost increases, the agency said.

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