...June 6, 2023 - Prysmian SpA is the largest cable manufacturer worldwide, with prominent market positions in the U.S., Latin America, and Europe, and strong end-market diversity with a comprehensive product range. - Prysmian's S&P Global Ratings-adjusted EBITDA margin of 7%-9% in 2021-2024 compares well with its main competitors' thanks to its flexible supply chain, successful cost pass-through mechanism, and disciplined pricing management, and its S&P Global Ratings-adjusted return on capital reached 15.5% in 2022. - We currently anticipate that the company will continue to strengthen its balance sheet through organic free operating cash flow (FOCF) and pursue a prudent dividend and merger and acquisition (M&A) policy, leading to S&P Global Ratings-adjusted funds from operations (FFO) to debt increasing to 45%-50% in 2023 and 50%-55% in 2024, from 43.1% in 2022. - We therefore assigned our '###-' long-term issuer credit rating to Prysmian. - The stable outlook reflects our expectation that...
