...March 22, 2023 - U.S.¡based Clarios Global L.P.'s leverage declined through debt repayment, sustained operating performance, and improved cash flow. First-quarter results showed substantial margin improvement, and we now expect margins will rise over the next couple of years and therefore forecast further deleveraging. - We raised our issuer credit rating on Clarios to 'B+' from 'B', reflecting improved credit metrics and our belief that the company's profitability will continue to improve through supportive demand trends and positive operating performance. - At the same time, we raised our issue-level rating on its senior secured debt to 'B+' from 'B'. The recovery rating remains '3' (50%-70%; rounded recovery: 60%). We also assigned a 'B+' issue-level rating and '3' recovery rating (50%-70%; rounded recovery: 60%) to the company's new $800 million revolving credit facility. The new $800 million revolving facility was used to refinance the company's existing $750 million revolving credit...
