S&P affirms Wendel

Standard & Poor's said it affirmed the BBB-/A-3 long- and short-term corporate credit ratings on Wendel and removed them from CreditWatch with negative implications, where they were placed on June 25.

The outlook is negative.

The affirmation reflects Wendel's efforts and commitment to gradually restore its financial profile and financial flexibility in line with the rating, according to the agency.

The group also is expected to adopt more conservative investment strategies following the highly leveraged investment in Compagnie de Saint-Gobain (BBB+/stable/A-2) last year, which has weighed on Wendel's performance, S&P said.

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