Park-Ohio Industries Inc. 'B' Rating Affirmed, Proposed $250 Million Notes Rated 'CCC+'; Outlook Is Stable
- ID: 1753646
- March 2011
- Standard & Poors
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Research type: News
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U.S.-based provider of supply management services and manufacturer of engineered products Park-Ohio Industries Inc. has announced an offering of $250 million senior subordinated notes and its intention to refinance its revolving credit facility. We are assigning a 'CCC+' rating to the proposed notes with a recovery rating of '6'. At the same time, we are affirming our 'B' corporate credit rating (CCR) on the company. The stable outlook reflects our expectation that the company will continue to benefit from the gradual global economic recovery and maintain debt to EBITDA ratio of 5x-6x. NEW YORK (Standard & Poor's) March 10, 2011--Standard and Poor's Rating Services said today that it has assigned its 'CCC+' issue-level rating (two notches lower than the CCR)...
Companies mentioned in this report are: Park-Ohio Industries Inc.
Action: New Rating
Action: Outlook: Stable