Park-Ohio Industries Inc. Outlook Revised to Positive, Proposed Notes Rated 'CCC+'
- ID: 1751605
- November 2004
- Standard & Poors
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Research type: News
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NEW YORK (Standard & Poor's) Nov. 17, 2004--Standard & Poor's Ratings Services said today that it assigned its 'CCC+' senior subordinated debt rating to Cleveland, Ohio-based Park-Ohio Industries Inc.'s proposed issuance of $200 million of senior subordinated notes due 2014. At the same time, Standard & Poor's revised its outlook on Park-Ohio to positive from stable and affirmed its 'B' corporate credit rating on the company. "The outlook change reflects Park-Ohio's improving operational performance due to recovering industry fundamentals that are producing stronger earnings and funds from operations," said Standard & Poor's credit analyst Nancy Messer. "As economic strength in Park-Ohio's end-markets continues, earnings and cash generation should improve to levels consistent with the rating into 2005. Over the next...
Companies mentioned in this report are: Park-Ohio Industries Inc.
Action: New Rating
Action: Outlook: Positive