- Language: English
- 339 Pages
- Published: March 2012
- Region: Global
Summary: Park-Ohio Industries Inc.
- Published: March 2006
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Park-Ohio Industries Inc., a diversified operator of logistics and manufacturing businesses, reflect the company's very aggressive leverage and the cyclical, competitive nature of its end markets. These factors are partially offset by the company's significant position in diverse specialty markets. The company's leverage is expected to remain high because its free cash flow generation is constrained by its need for working capital to support the business during economic expansion. As of Dec. 31, 2005, Lima, Ohio-based Park-Ohio had about $350 million of balance-sheet debt. Park-Ohio, a wholly owned subsidiary of unrated Park-Ohio Holdings Corp., operates businesses serving a variety of markets, including transportation, semiconductors, industrial equipment, agricultural equipment, construction equipment, and aerospace. The logistics segment (57% of...
Companies mentioned in this report are: Park-Ohio Industries Inc.
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Park-Ohio Industries Inc.