Selecta Group B.V. (Selecta) has been focusing on integrating acquisitions and expanding its product offering over the past 18 months. We believe that Selecta is better placed to grow its revenue base and improve its margins on the back of its greater route density and more efficient vending machine park. In addition, we expect the capital intensity of the group's business to fall, which will support ongoing free operating cash generation over time. We are therefore revising the outlook to stable from negative, and affirming our 'B' long-term issuer credit rating on Selecta. The stable outlook reflects our expectation that revenue and margin growth, coupled with lower capital expenditure, will result in sustainable positive free operating cash generation. The outlook
