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S&P raises Renesas ratings
S&P said it raised its issuer and issue ratings for Renesas to BBB from BBB-.
“We upgraded Renesas because its earnings and profitability improved faster than we had assumed and are likely to remain at high levels. The company is likely to keep earnings and profitability high by enhancing its business portfolio and cutting costs. The upgrade also reflects our expectation that the company will maintain key cash flow ratios at sound levels. This is because the company will mostly cover growth investments and shareholder returns with a high level of free operating cash flow (FOCF),” S&P said in a press release.
The agency said it sees the company maintaining an annual EBITDA of ¥450 billion-¥550 billion and an EBITDA margin of over 35% for the next one to two years.
The outlook is stable.
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