...The revision of Flender International GmbH's ratings reflects our view that the company's free cash flow (FCF) generation will improve from year end-September 2024 (FY24), supported by sustainable EBITDA margins and lower capex after it reported better-than-expected operating margins in FY23. Lower inflationary pressure and better profitability on contracts should support Flender's cash flow generation and deleveraging capacity over our forecast horizon to FY27....