Moody’s turns Ferguson view to positive

Moody's Investors Service said it changed the outlooks of Ferguson plc and Ferguson Finance plc to positive from stable. The agency also affirmed Ferguson's Baa2 long-term issuer rating and the Baa2 backed senior unsecured ratings of the company's wholly owned subsidiary, Ferguson Finance.

“The outlook change reflects Ferguson's continuous and profitable growth over many years while retaining leverage on the low end of their publicly stated range of 1x-2x net debt to EBITDA in a highly fragmented market. The positive outlook also reflects Moody's expectation that Ferguson will continue to maintain strong credit metrics and very strong liquidity,” the agency said in a press release.

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