Moody's turns Kongsberg view to negative

Moody's Investors Service said it changed the outlook on Kongsberg Automotive ASA and its subsidiary Kongsberg Actuation Systems BV to negative from stable.

Moody's also affirmed the group's B1 long-term corporate family rating, the B1-PD probability of default rating and the B1 instrument rating on the outstanding €200 million backed senior secured notes due 2025, issued by Kongsberg Actuation.

“The outlook change to negative from stable was prompted by KA's weakened profitability and free cash flow (FCF) generation in the first quarter of 2023 (Q1-23) and Moody's expectation of some of the group's credit metrics to remain at levels below the defined ranges for a B1 rating in 2023 and possibly also next year,” the agency said in a press release.

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