Schneider Electric's cost rationalization measures and portfolio optimization have successfully helped recover its operating margins to now align more with historic averages. We believe that momentum in Schneider's main end-markets will refuel the group's topline growth. We are therefore affirming our 'A-' issuer and issue credit ratings on Schneider. The stable outlook reflects our expectation that the group will maintain adjusted funds from operations (FFO) to debt in excess of 35% over the next three years. On July 4, 2017, S&P Global Ratings affirmed its 'A-' long-term issuer credit rating on France-based global specialist in energy management Schneider Electric S.E. The outlook is stable. At the same time, we affirmed the 'A-2' short-term issuer credit ratings and the 'A-' issue
