S&P cuts Valeo outlook to stable

S&P said it revised its outlook to stable from positive on Valeo SA and affirmed the BBB long-term and A-2 short-term corporate credit ratings on Valeo.

S&P said it also affirmed the BBB issue rating on the company's senior unsecured notes.

“The outlook revision reflects our view that Valeo's investments in research and development (R&D) and in capital expenditure (capex) are currently hampering free cash flow generation, with limited scope for material improvement in the next 18-24 months,” S&P said in a news release.

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