...Strengths: The ratings are supported by Hubbell's strong position in electrical, lighting and transmission and distribution products; meaningful market, product and customer diversification, which moderates cyclicality; and solid operating model, underpinned by acquiring smaller players within fragmented markets and leveraging Hubbell's footprint and distribution network to drive profit growth. Issues: Issues include the cyclicality inherent in the business; an extended deleveraging period following the acquisition of Aclara Technologies LLC; reliance on improving economic growth in the near term to support FCF and deleveraging; and Hubbell's relatively small scale for the rating on a revenue and cash flow basis. Higher Financial Leverage: Weaker results due to the coronavirus pandemic will lead to higher financial leverage in 2020, with Hubbell's debt/EBITDA increasing to the mid-2x range at YE 2020 from 2.1x at YE 2019. Fitch expects additional debt reduction from FCF, together with growth...
