Park-Ohio Industries Inc. Upgraded To 'B+' From 'B' On Reduced Debt
- ID: 1751941
- December 2006
- Standard & Poors
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NEW YORK (Standard & Poor's) Dec. 14, 2006--Standard & Poor's Ratings Services raised its ratings on Park-Ohio Industries Inc., including its corporate credit rating to 'B+' from 'B'. The outlook is stable. "The upgrade reflects the company's lower financial leverage and improved performance," said Standard & Poor's credit analyst Clarence Smith. The ratings on Park-Ohio continue to reflect the company's highly leveraged financial profile which more than offsets the company's business profile as a diversified operator of logistics and manufacturing businesses serving cyclical and competitive end markets. The company is expected to remain highly leveraged as free cash flow generation constrains working capital needs to continue supporting growth. The ratings on Park-Ohio continue to reflect the company's highly leveraged financial...
Companies mentioned in this report are: Park-Ohio Industries Inc.