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S&P assigns Safran BBB+
S&P said it assigned Safran SA a BBB+ issuer rating.
The BBB+ rating primarily reflects Safran's strong balance sheet, conservative financial policy, and strong cash generation profile, supported by relatively resilient profit margins; as well as its significant exposure to the commercial aerospace sector that is undergoing a significant downturn due to the Covid-19 pandemic, S&P said in a press release.
The agency said it forecasts Safran will keep EBITDA margins of above 15% over 2021-2022 and generate free operating cash flow (FOCF) of close to 1 billion in 2021 and 1 billion-1.5 billion in 2022, compared with about 1.4 billion in 2020 and about 2.3 billion in 2019.
The outlook is stable.
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