ALSTOM SA: Moody's Investors Service confirms Alstom's Baa3 long-term issuer rating. Credit outlook lowered to negative from stable. Alstom reaffirms its commitment to an Investment Grade rating.
October 12 2023 - 3:12PM
ALSTOM SA: Moody's Investors Service confirms Alstom's Baa3
long-term issuer rating. Credit outlook lowered to negative from
stable. Alstom reaffirms its commitment to an Investment Grade
rating.
Moody's Investors Service confirms
Alstom's Baa3 long-term issuer rating
Credit outlook lowered to negative from
stable
Alstom reaffirms its commitment to an
Investment Grade rating
12 October 2023 – The credit
rating agency Moody’s Investors Service has on 12 October decided
to confirm Alstom’s Baa3 long-term issuer rating. It has lowered
its credit outlook to Negative from Stable. The details of the
action taken by Moody’s are as follows:
Alstom |
Moody’s rating |
Outlook |
Negative (vs Stable) |
Issuer rating |
Baa3 (unchanged) |
Senior Unsecured |
Baa3 (unchanged) |
Short-term rating |
P-3 (unchanged) |
Source :Moody’s
Investors Service.
Moody’s methodology:
Moody’s is using the Global Manufacturing
Companies rating methodology (published in 2021) to rate Alstom.
Under this methodology, some factors (using Moody’s specific
calculation) are weighted in order to assess the final rating of
the Group.
Factors that could lead to a
downgrade:
Factors |
Moody’s trigger |
Moody’s adjusted EBITA Margin |
<5% |
Moody’s adjusted leverage Gross Debt / EBITDA |
3.75x |
Liquidity |
FCF<0 |
Financial policy |
Less conservative |
Source :Moody’s Investors Service.
Factors that could lead to an
upgrade:
Factors |
Moody’s trigger |
Moody’s adjusted EBITA Margin |
>6% |
Moody’s adjusted leverage Gross Debt / EBITDA |
<2.75x |
Liquidity |
FCF>0 |
Financial policy |
Conservative |
Source :Moody’s Investors Service.
Alstom anticipates the change in credit outlook
will have no impact on its ability to access short-term financing
and contract execution. The Group reaffirms its commitment to an
Investment Grade rating. On 4 October 2023, the Group confirmed its
mid-term targets regarding sales growth, book-to-bill,
profitability and cash generation.
Alstom will publish its full set of results for
the first half of fiscal year 2023/24 on 15 November 2023 followed
by an analyst and investor call hosted by Chairman & CEO, Henri
Poupart-Lafarge, and CFO, Bernard Delpit.
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About Alstom |
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Alstom commits to contribute to a low carbon future by developing
and promoting innovative and sustainable transportation solutions
that people enjoy riding. From high-speed trains, metros,
monorails, trams, to turnkey systems, services, infrastructure,
signalling and digital mobility, Alstom offers its diverse
customers the broadest portfolio in the industry. With its presence
in 63 countries and a talent base of over 80,000 people from 175
nationalities, the company focusses its design, innovation, and
project management skills to where mobility solutions are needed
most. Listed in France, Alstom generated revenues of €16.5 billion
for the fiscal year ending on 31 March 2023. For more information,
please visit www.alstom.com |
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Contacts |
Press:Coralie COLLET - Tel.: +33 (0) 7 63 63 09 62
coralie.collet@alstomgroup.com Thomas ANTOINE - Tel. :
+33 (0) 6 11 47 28 60thomas.antoine@alstomgroup.com
Investor relations:Martin VAUJOUR – Tel. : +33 (0)
6 88 40 17 57martin.vaujour@alstomgroup.com Estelle MATURELL
ANDINO – Tel.: +33 (0)6 71 37 47 56
estelle.maturell@alstomgroup.com |
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