(CercleFinance.com) – Moody’s Investors Service announced on Friday that it had raised its credit rating on Constellium from ‘B2’ to ‘B1’ with an outlook reduced from ‘positive’ to ‘stable’.
The financial rating agency notes in a press release that its decision is motivated by the good operational performance achieved in 2022 by the aluminum manufacturer, whose performance exceeded its forecasts.
Moody’s said to retain in particular the group’s ability to counterbalance a highly inflationary environment, as well as its discipline in terms of capital allocation.
“While we expect Constellium’s results to deteriorate to some extent in 2023, we expect the business to remain firmly entrenched in the ‘B1’ category for the next 12 to 18 months,” the agency added.
Based in Paris, but listed on the New York Stock Exchange, Constellium produces high value-added aluminum for sectors such as aeronautics, automotive, packaging and industry.
The group resulting from the merger of the aluminum activities of Alcan, Alusuisse and Pechiney now employs 12,500 people.