We expect the credit protection measures of Sweden-based capital goods company Sandvik AB to continue to improve over 2017. We are therefore revising our outlook on Sandvik to positive from negative, and affirming our 'BBB/A-2' global scale ratings and our 'K-2' short-term Nordic regional scale rating on the company. The positive outlook indicates that we could raise the ratings if Sandvik's credit metrics improve sustainably, with funds from operations (FFO) to debt above 45% and free operating cash flow (FOCF) to debt above 25%, assuming other factors are unchanged. On Feb. 16, 2017, S&P Global Ratings revised its outlook on Sweden-based capital goods company Sandvik AB to positive from negative. At the same time, we affirmed our 'BBB/A-2' long- and
