Moody’s ups Wienerberger to high grade

Moody’s Investors Service said it assigned Wienerberger AG a Baa3 issuer rating, boosting the company to investment grade from junk, and it changed the outlook to stable from positive.

“The upgrade to Baa3 reflects Wienerberger's structurally improved business profile over the recent years as well as its very strong point-in-time credit metrics, which we expect to remain in line with the requirements for an investment-grade rating even in a more challenging market environment,” the agency said in a statement.

“With well over €5 billion in sales on a pro-forma basis, its size and scale now are well in line with what we typically require from investment grade rated companies,” Moody’s added.

The stable outlook mirrors the position that Wienerberger can maintain credit metrics in line with tightened requirements for an investment-grade rating and will handle upcoming debt maturities well in advance to always maintain a good liquidity profile, the agency said.

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