...Fitch Ratings' upgrade of INNIO N.V.'s Long-Term Issuer Default Rating (IDR) to 'BB' from 'B+' reflects expected deleveraging towards below 3.0x in 2027 due to strong demand for new equipment and a new formal financial policy following the group's June 2026 IPO. The Stable Outlook is underpinned by Fitch's expectation of strong free cash flow (FCF), despite increased capacity expansion, and EBITDA margin recovery of above 20% in 2027. INNIO's rating is underpinned by its strong position in a niche market as a supplier to gas-fired power generation, geographic and end- market diversification and a large contribution from long-term service, although the lack of product diversification weighs on the rating....
