S&P upgrades Volvo

S&P said it raised its ratings on AB Volvo and its unsecured debt to A from A-.

“We believe AB Volvo's operating and financial performance will remain resilient in 2023 and reach all-time highs. We think the predictability of the company's performance has increased following a strong first quarter of 2023. In this time AB Volvo's industrial operating margin was strong, as reported by the company, and reached an extremely healthy level of 13.8% – against 11.5% for the same period a year ago (10.9% on a rolling 12-month basis at the end of March 2023 compared with 10.2% for the period January-December 2022),” S&P said in a statement.

The agency updated its base case and said it now forecasts AB Volvo's industrial business sales could grow by 10%-15% in 2023, reaching SEK 510 billion–SEK 520 billion.

The outlook is stable.

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