- Published: May 2012
- Region: New York, United States
Summary: Park-Ohio Industries Inc.
- Published: March 2011
- Standard & Poors
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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.
Standard & Poor's Ratings Services' ratings on Cleveland, Ohio-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 serving cyclical and competitive end markets. We expect revenue growth in the high single-digits in 2011, due in part to recent acquisitions. This, combined with a slightly improved, but still weak, operating margin (before depreciation and amortization) of less than 10% should result in debt to EBITDA of 5x-6x, and funds from operations (FFO) to debt in excess of 10%--levels appropriate for the rating. Park-Ohio, a wholly owned subsidiary of unrated Park-Ohio Holdings Corp., operates three business segments that serve a variety of end markets,...
Companies mentioned in this report are: Park-Ohio Industries Inc.
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Park-Ohio Industries Inc.