1044 ET - Magna International shifting into gear on share buybacks is seen as risky given the supplier's exposure to lagging North American carmakers. The company says it received approval to repurchase about 10% of its public float. S&P Global Ratings says the move will cause Magna's debt to earnings ratio to remain higher for longer. One major risk factor: Magna's revenue growth is expected to slow in the next year, especially given its exposure to Detroit. Geopolitical risks and slower EV adoption are also of concern. S&P revises its outlook on Magna to negative from stable. (ben.glickman@wsj.com; @benglickman)
(END) Dow Jones Newswires
November 05, 2024 10:44 ET (15:44 GMT)
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