Moody's rates SKF notes A3

Moody's Investors Service said it assigned an A3 rating to the €500 million senior unsecured notes due Sept. 11, 2019 launched by SKF AB on Sept. 4.

Moody's said the A3 rating reflects: (a) SKF's market leadership in bearings and lubrication products with a strong focus on customer service and innovation which supports double-digit operating margin through the cycle; (b) its continuous efficiency improvement and cost reduction measures to reduce operating leverage; and (c) its strong free cash flow generation supported by a diversified exposure to customer industries and a relatively stable services business.

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