Moody’s upgrades Magna to A3

Moody's Investors Service said it upgraded Magna International Inc.'s senior unsecured rating to A3 from Baa1 and senior unsecured shelf rating to provisional A3 from provisional Baa1.

The outlook is stable.

"Magna's rating was upgraded to A3 because of improved profitability at its European operations, and continued low leverage,” Moody's analyst Jamie Koutsoukis said in a news release.

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