11:48 AM EDT, 06/28/2024 (MT Newswires) -- Moody's on Thursday affirmed Magna International's ( MGA ) "A3 long-term issue rating, "(P)A3" senior unsecured shelf rating, "A3" senior unsecured notes rating, "P-2" commercial paper rating, and Magna International Investments S.A.'s "P-2" backed commercial paper rating.

The rating outlook is stable.

The rating action reflects the expectation that the company is committed to deleveraging toward 1.5x through a combination of debt reduction using its free cash flow and growth in earnings.

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