The Outlook change is driven by the expected recovery in profitability, which supports improving the financial risk profile. Small size, very low share of recurring revenue, lack of aftermarket activities and weak diversification are constraints.

Outlook lowered from Stable to Negative due to deterioration in credit metrics and the economic environment. Small size and weak diversification are rating constraints. Profitability and moderate financial risk profile support the rating.

Small size, low product diversification, customer and end-market concentration, low recurring revenues and a lack of aftermarket activities are rating constraints. Profitability and a solid financial risk profile support the rating.