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Moody’s changes Masco outlook to positive
Moody's Investors Service said it affirmed Masco Corp.'s Baa2 senior unsecured ratings and changed the outlook to positive from stable.
The improved outlook reflects the expectation that Masco will preserve its strong operating performance, with EBITDA margins sustained around 19% through 2024. By late 2024, Moody’s said it expects the company’s high profitability will translate into low leverage at about 2.1x. Masco's ability to consistently deliver healthy free cash flow also supports the outlook.
"Masco has come a long way since the dark days of the great recession," according to Peter Doyle, a Moody's vice president and senior analyst, in a press release. "Going forward we expect the company will maintain conservative financial strategies, including low leverage, and warranting the upwards rating momentum."
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