S&P changes SAP view to stable

S&P said it revised its outlook on SAP SE to stable from positive.

At the same time, the agency affirmed the A long-term issuer credit rating on SAP and the A issue rating on the group's senior unsecured debt.

“The outlook revision reflects our expectation that SAP's credit ratios will weaken upon the closing of the acquisition of Qualtrics in the first half of 2019,” S&P said in a news release.

“In particular, S&P-adjusted debt to EBITDA will increase to 1.1x and funds from operations (FFO) to debt will be just above 60% at year-end 2019, compared with our expectation of 0.6x and 120% at year-end 2018, respectively.”

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