Free Trial

BASIC INDUSTRIES: Schneider Electric (SUFP A3[P]/A/NR): Moody’s Outlook Positive

BASIC INDUSTRIES

No impact expected with S&P already one notch higher and spreads in line with the likes of LRFP (NR/A/NR)

  • Cites the improvement of adj. EBITA margins to 17% from 14% and expected 40-60bp improvement this year with 6-8% organic growth.
  • Gross leverage below 2.0x (2.4x at FY23), high teens margins or mid-30s RCF/ND could lead to an upgrade.
  • A recent bid for Bentley Systems could have added 2 turns of leverage if fully debt funded but talks ended without a deal.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.