S&P shifts Sika view to stable

S&P said it revised Sika AG’s outlook to stable from negative and affirmed its A- rating.

“Sika’s operating performance in 2020 was resilient despite challenging macroeconomic, operating, and social conditions. Its sales weakened by only 2.9%, mainly due to a 3.8% decline in organic sales and a negative 6.3% foreign exchange effect, and partly offset by a 7.2% contribution from acquisitions, notably Parex,” S&P said in a press release.

The outlook reflects the forecast Sika will deliver strong results and FOCF generation in the coming years, supporting its FFO to debt ratio easily within the rating-commensurate adjusted FFO-to-debt range of 35%-40%, the agency said.

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