S&P lifts Nobina to positive

S&P said it revised the outlook on Nobina AB to positive from stable.

The agency also said it affirmed the company's BB long-term corporate credit rating.

The outlook revision considers Nobina's continued strong operating performance and an expectation that profitability could increase in the current and following financial years as the contract portfolio matures, S&P said.

The agency said it thinks stronger profitability could lead to more favorable business risk profile and consequently lead to an upgrade in the next 12 months.

The company has steadily improved its operations in recent years through careful bidding for new contracts, an improved cost position and increased efficiency, S&P said.

It also has grown in size through new contract wins, resulting in an average annual revenue growth rate of 4.7% in the past five years, the agency added.

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