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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  • Park-Ohio Industries Inc.
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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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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: Affirmed
Action: New Rating
Action: Outlook: Stable

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Park-Ohio Industries Inc.

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