Moody’s changes Knorr-Bremse view

Moody's Investors Service said it affirmed the A2 long-term issuer rating and the A2 senior unsecured rating of Knorr-Bremse AG.

Moody's changed the outlook to negative from stable.

“The change of the outlook to negative reflects our expectation that Knorr-Bremse's profitability will remain below the requirements for its A2 rating level also in 2023, leaving credit metrics somewhat weak for the A2 rating,” Matthias Heck, a Moody's analyst, said in a news release.

“This is a reflection of the continued weakness in Knorr-Bremse's end-markets, especially China, as well as the negative inflationary effect on their margins.”

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