Moody’s upgrade SKF to Baa1; outlook stable
2018 November 14, 13:00 CEST
Gothenburg, 14 November 2018: Moody’s has upgraded SKF’s senior unsecured ratings from Baa2 to Baa1, with a stable outlook.
According to Moody’s, “Today’s rating action reflects the company’s efforts to restore balance sheet strength and thus lowering debt/EBITDA from 3.8x in 2014 to 2.5x in the last twelve months ending September 2018. This has been possible through the use of free cash flow generation to pay down debt and because of material improvements in operating performance.”