Moody's Revises thyssenkrupp's Outlook to Stable on Expected Normalization of Restructuring Costs; Ratings Affirmed

09:18 AM EST, 12/19/2025 (MT Newswires) -- Moody's on Friday confirmed thyssenkrupp's (TKA.F) Ba3 corporate family rating and Ba3-PD probability of default rating, while revising the outlook to stable from positive. The rating agency said the stable outlook reflects expectations that the steelmaker's restructuring charges will normalize to 150 million euros annually after fiscal 2026, despite expected cash consumption. The rating affirmation accounts for thyssenkrupp's disciplined capital allocation since selling a stake in TK Elevator Holdco in 2020, with limited acquisitions, modest dividends, and a debt reduction focus.