- Completion and ramp up
of phase one expansionary programme with incremental profitability improvements
Fundamentally Moody's could consider downgrading the ratings if: (1) weak commodity prices persist, such that Vedanta's consolidated adjusted 12-month EBITDA drops below $3.5 billion, despite its efforts to ramp up
shipments; (2) the company is unable to sustain and improve its cost-reduction initiatives, such that profitability weakens, with consolidated EBIT margins falling below 10% on a sustained basis; and/or (3) its financial metrics fail to improve from their current weak levels.
This is mainly due to the debottlenecking of oil infrastructure in North America and new project ramp ups
in Brazil, Norway and Australia.
Lear's financial results in the second quarter were negatively impacted by continued declines in industry production, a significant number of program changeovers, slower production ramp ups
on new vehicles, and continued weakening of global currencies against the U.S.
* Slower product ramp ups
affecting product availability throughout 2019 and
In fact, we've seen some strong school openings/ ramp ups
in the Dubai K-12 sector recently."