S&P revises SAP view to positive

S&P said it revised the outlook on SAP SE to positive from stable and affirmed its A long-term corporate credit rating and the A issue rating on its senior unsecured debt.

S&P said the outlook revision reflects its expectation that SAP's credit ratios will continue to strengthen in the next 24 months thanks to strong discretionary cash flow (DCF) generation and the agency’s expectation of revenue growth of more than 5% in 2016-2018.

This is primarily owing to a continued surge in cloud subscription revenues and modest growth in traditional software and support revenues, S&P added.

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