The affirmation is driven by the issuer’s solid position in a niche segment showing near-term revenue growth, which is keeping credit metrics strong despite a slowing global construction industry and unsupportive macroeconomic outlook.

The upgrade is driven by the company’s solid market position in its niche that shows near-term revenue growth helping to keep credit metrics at current healthy levels despite impending headwinds including an unsupportive macroeconomic outlook.

The Outlook change is driven by the company’s resilient operations in 2020, thanks to the competitive advantage afforded by functioning supply chains, and with significant growth forecasted for 2021/22 keeping cash flow and credit metrics stable.