Fitch alters Wabtec outlook to stable

Fitch Ratings said it changed the outlook to stable from negative and affirmed the long-term issuer default rating of Westinghouse Air Brake Technologies Corp. at BBB-.

The agency also affirmed the BBB- rating on Wabtec's senior unsecured credit facility and unsecured notes and the BBB- rating on the unsecured euro-denominated notes issued by subsidiary Wabtec Transportation Netherlands BV.

“The revision of the outlook to stable reflects Fitch's expectation of continued strong FCF generation and that leverage (total debt/operating EBITDA) is likely to be in the mid-2x range at YE 2022 before sustaining below the 2.5x negative rating sensitivity in 2023,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.