International credit rating agency S&P Global Ratings (Standard & Poor's Ratings Services) has announced that it has raised its long-term corporate credit rating for Swedish high-technology engineering and steelmaking group Sandvik to 'BBB+' from 'BBB', with a stable outlook.
S&P stated that the upgrade of Sandvik's credit rating reflects the expectation that Sandvik's credit ratios will continue to improve over 2018, supported by increased revenues and improving profitability. Meanwhile, the stable outlook reflects the credit rating agency’s expectation that Sandvik's profitability position will stay at current levels, and the company will remain able to withstand weaker market conditions in some sectors.