- Language: English
- 135 Pages
- Published: October 2012
- Region: United States
Summary: Park-Ohio Industries Inc.
- ID: 1753672
- March 2011
- Standard & Poors
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.
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.