Moody’s upgrades VAT Group

Moody's Investors Service said it upgraded VAT Group AG's corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD.

The outlook is stable.

The agency said the upgrade of VAT's ratings reflects the ongoing improvement in the company’s operating performance as it continues to capitalize on growing demand for vacuum valves, in particular from the semiconductor sector, and to strengthen its market share, while sustaining a conservative financial profile, despite high dividends paid out.

Moody's said it expects that leverage measured as adjusted debt/EBITDA will remain below 2 times on a sustainable basis.

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