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Summary: Park-Ohio Industries Inc.
Standard & Poors, March 2010
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 Cleveland-based Park-Ohio Industries Inc. reflect the company's highly leveraged financial risk profile and its weak business risk profile as a diversified operator of logistics and manufacturing businesses, which serve cyclical and competitive end markets. Park-Ohio, a wholly owned subsidiary of unrated Park-Ohio Holdings Corp., operates three business segments that 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 generates about 47% of the company's sales, supplies production components via supply-chain management and wholesale distribution services. The manufacturing products segment (about 38% of sales) designs and produces forged and machined products for specific customer applications. The aluminum-products segment engineers,...
Companies mentioned in this report are: Park-Ohio Industries Inc.
Park-Ohio Industries Inc.