S&P upgrades Legrand

Standard & Poor's said it raised the long-term corporate credit and issue ratings on Legrand SA to BBB+ from BBB and affirmed its A-2 short-term corporate credit rating.

The ratings were removed from CreditWatch, where they were placed with positive implications in January.

The outlook is positive.

The upgrade reflects a view that Legrand's financial performance remains sustainably stronger than historically, in line with an intermediate financial risk profile, S&P said.

But this follows significant deleveraging over the past two years, the agency said.

Legrand's sustainably stronger credit metrics are the result of its improvement in structural profitability, largely as a result of sizable cost-saving actions and some changes in product mix, S&P said.

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