Moody's assigns SKF notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the €750 million seven-year senior unsecured notes launched by SKF AB on Oct. 22.

Moody's said that among other factors, SKF's Baa1 rating is supported by: (a) The slightly improving outlook for most of SKF's end markets; (b) its market leadership in bearings and lubrication products with a strong focus on customer service and innovation which supports double-digit operating margin through the cycle; (c) its continuous efficiency improvement and cost reduction measures leading to reduced operating leverage; and (d) its strong free cash flow generation supported by a diversified customer base and relatively stable service business.

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