Moody’s: Rheinmetall view to stable

Moody's Investors Service said it changed the outlook on Rheinmetall AG's Ba1 long-term corporate family rating, Ba1-PD probability of default rating, NP short-term issuer rating and Ba1 senior unsecured rating to stable from negative.

At the same time, the agency affirmed these ratings.

Moody’s said the change in outlook to stable from negative reflects a marked improvement in Rheinmetall's 2015 credit metrics to levels deemed more appropriate for its Ba1 rating owing to its stronger operating performance in 2015 and the €230 million gross equity proceeds it raised in November 2015.

The agency also expects that this improved financial profile will remain supported by more stable future earnings and a strengthening of free cash flow in the short- to medium-term.

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