Moody's: Philips outlook stable

Moody's Investors Service said it changed the outlook on the A3 ratings for senior debt of Royal Philips Electronics NV to stable from negative.

The outlook change was triggered by Philip's recovery of financial performance over the past 12 months, the agency said.

"Royal Philips Electronics has achieved a substantial turnaround of profitability and cash flow on the back of recovering end-user demand in lighting systems and consumer lifestyle applications and decisive implementation of measures to reduce fixed cost," Wolfgang Draack, a senior vice president at Moody's, said in a statement.

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