Moody’s changes Kongsberg view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed the B1 corporate family rating and the B1-PD probability of default rating of Kongsberg Automotive ASA.

Concurrently the agency confirmed the B1 rating of the €275 million senior secured notes issued by its financing subsidiary Kongsberg Actuation Systems BV.

This action concludes a review for downgrade March 26, 2020.

“Kongsberg’s credit metrics will gradually improve from second half of 2020 onwards. However, margins and leverage will remain weak for the B1 rating in 2021 and the negative outlook indicates the risk of a downgrade should the global automotive and truck markets not recover as expected or the company fails to outperform the global light vehicle production,” said Dirk Steinicke, a Moody’s lead analyst for Kongsberg, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.