...- We believe deleveraging at ams AG will accelerate after the company announced the sale of its horticulture lighting systems business, Fluence, for $272 million in 2022. This sale is part of ams' plan to divest noncore and low-profitability assets, and we believe additional transactions are forthcoming. - The proceeds, combined with low-single-digit organic growth prospects and continued synergies from the combination with OSRAM in line with the target of 350 million by 2024, will likely result in an S&P Global Ratings-adjusted debt to EBITDA trending toward 2.5x by the end of 2022, an improvement from about 3.5x in 2021. - We therefore revised our outlook on ams to positive from negative and affirmed our '##-' long-term issuer credit rating on the company. - The positive outlook reflects the possibility of an upgrade if ams deleverages further, supported by divestments and continued profitability improvement upon the smooth integration of OSRAM, resulting in accrued synergies and lower...
