S&P affirms Wuerth, notes

S&P said it affirmed its A/A-1 long- and short-term issuer credit ratings on Wuerth GmbH & Co. KG.

The outlook is stable.

At the same time, the agency affirmed the A issue rating on the senior notes issued by Wuerth Finance International BV.

“The affirmation reflects our expectation that, following a strong operating performance and slightly improved credit metrics in 2017, Wuerth will sustain a current adjusted EBITDA margin of around 11% and maintain 1.5x-2.0x adjusted debt to EBITDA in 2018-2019 due to generally positive fundamentals in its key markets,” S&P said in a news release.

“We also anticipate management will remain committed to a cautious financial policy, and liquidity will remain at least adequate.”

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