Summary: Park-Ohio Industries Inc.

Standard & Poors, October 2008

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.

Abstract
The ratings on Park-Ohio Industries Inc. reflect the company's highly leveraged financial profile, which more than offsets its business profile as a diversified operator of logistics and manufacturing businesses, serving cyclical and competitive end markets. Cleveland, Ohio-based Park-Ohio, a wholly owned subsidiary of unrated Park-Ohio Holdings Corp., operates three business segments, which serve a variety of end markets, including transportation, semiconductors, industrial equipment, agricultural equipment, construction equipment, and aerospace. The supply technologies segment (formerly known as integrated logistics service), which generated around 48% of sales in the first six months of 2008, supplies production components via supply chain management and wholesale distribution services. The manufacturing products segment (around 36% of sales) designs and produces forged and machined products for specific...

Companies mentioned in this report are: Park-Ohio Industries Inc.
Action: Review

Park-Ohio Industries Inc.

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