S&P lifts Valeo to positive

Standard & Poor's said it revised the outlook on Valeo SA to positive from stable.

The agency also said it affirmed the company’s long-term corporate credit ratings at BBB, short-term rating at A-2 and BBB rating on its senior unsecured notes.

The outlook revision acknowledges Valeo's good performance in 2015 with strong reported revenue and EBITDA growth, S&P said, and associated enhanced cash-flow generation.

The company’s key credit metrics were very strong for the rating at the end of 2015, the agency said.

The positive outlook reflects a one-in-three chance that Valeo's strong credit metrics will support a one-notch upgrade over the next 12- to 24-months, S&P said.

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