Fitch revises GKN outlook to stable

Fitch Ratings said it revised GKN Holdings Ltd.'s outlook to stable from negative, while affirming the company's long-term issuer default rating at BB+.

“The outlook change of GKN follows the completion of a number of disposals in 2021, illustrating the delivery of its 'buy, improve, sell' strategy, the proceeds of which improve its leverage and financial flexibility. The advanced nature of the restructuring for the GKN businesses also firmly places the group in a position to benefit from improving conditions in its three key subsidiaries, which will drive improving margins and cash flow generation,” Fitch said in a press release.

The agency also removed GKN Aerospace Services Ltd.'s IDR from under criteria observation and upgraded it to BB+ from BB because of the application of the new parent subsidiary linkage criteria. The outlook for GKN Aerospace is stable.

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