S&P boosts de Saint-Gobain

S&P said it raised its ratings on Compagnie de Saint-Gobain and its senior unsecured debt to BBB+ from BBB.

“The upgrade reflects continued record performance in 2022, enabling the company to absorb sustained heavy spending and investments while maintaining strong credit metrics. At 54.5% in 2022, S&P Global Ratings-adjusted funds from operations (FFO) to debt was broadly in line with the 2021 figure and largely exceeding our 30% upside threshold for the BBB rating. We expect the ratio will remain at or above 40% in 2023-2025, despite a reduction in adjusted EBITDA in 2023 from €7.2 billion in 2022 due to the challenges in the economy and softening volumes for the sector,” the agency said in a press release.

The outlook is stable.

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