Fitch revises ThyssenKrupp to stable

Fitch Ratings said it revised ThyssenKrupp AG's outlook to stable from negative.

The long-term issuer default rating and senior unsecured ratings were affirmed at BB+, and the short-term issuer default rating and commercial paper program ratings were affirmed at B.

Fitch said the outlook change reflects an improvement at ThyssenKrupp’s Brazilian steel plant, CSA, as reported adjusted EBIT narrowed to a €60 million loss at financial year ended Sept. 30 from a €495 million loss in fiscal year 2013.

This, alongside cost-saving measures elsewhere in the business, has led Fitch to expect a stable financial profile for the group over the long-term, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.