MUMBAI (Thomson Financial) - Moody's Investors Service said it upgraded the corporate family rating of Gildemeister AG to 'Ba2' from 'Ba3' citing improvements in the company's operating performance and cash generation.
The upgrade reflects the increasing likelihood that Gildemeister's business model showing more resilience through the cycle, as a consequence of a high innovation rate, cost benefits from supply chain management and an improved segmental diversification, Moody's said.
The stable outlook factors in Moody's expectation that Gildemeister will continue to show positive momentum in profitability and cash generation in 2008 and beyond, supported by its strong order book, high product innovation rate and a favourable macroeconomic environment. TFN.newsdesk@thomson.com ssa COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.