Moody’s shifts Forvia outlook to stable

Moody’s Investors Service said it revised its outlook for Forvia SE to stable from negative and affirmed its Ba2 ratings on the company and its senior unsecured notes.

“The outlook change to stable from negative and the affirmation of the Ba2 ratings follow Forvia's noticeably increased revenue and improved profitability in the first half of 2023 (H1-2023) in a more benign business environment, and its upgraded top line and operating margin guidance for the full year 2023.

“The rating action factors in Moody's expectation of continued performance and credit metrics improvements, supported by a strong order book, performance improvement measures, synergies related to the acquisition of a sizeable share of Hella GmbH & Co. KGaA (Hella) and the group's financial policy, which is committed to debt reductions,” the agency said in a press release.

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