The rating withdrawal follows Scope's decision to cease analytical coverage on the entity.

The rating is supported by Voith's market positions and diversification. Low profitability and weak credit metrics are rating constraints.

The rating is supported by Voith's market positions and diversification. Low profitability and weak credit metrics are rating constraints. The Outlook change reflects Scope's revised expectations regarding revenues and profitability.

The downgrade is triggered by an expected deterioration in Voith’s credit metrics as a result of M&A activity, which has been more aggressive than previously communicated.

Voith has signed an agreement with Spectris to acquire BTG for EUR 319m in cash; expected higher net leverage still in line with the current rating.

Strong liquidity position remains main support for the rating. More clarity on financial policy. Expected higher net leverage still commensurate with current rating category. Low profitability and cash flow remain main credit constraints.

The overall rating reflects Scope Ratings' view of Voith's credit-supportive business risk profile and slightly weaker financial risk profile.