- Language: English
- 108 Pages
- Published: October 2010
- Region: France
Bulletin: Joy Global Inc. Ratings And Outlook Unaffected By Its Purchase Of LeTourneau
- Published: May 2011
- Region: Global
- Standard & Poors
NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on U.S.-based mining equipment manufacturer, servicer, and distributor Joy Global Inc. (BBB/Stable/--) remain unchanged following its announcement that it has entered into a definitive agreement to acquire LeTourneau Technologies Inc. (LeTourneau) from Rowan Companies Inc. for $1.1 billion. LeTourneau designs, builds and supports equipment for the mining and oil and gas drilling industries. Joy will finance the transaction with a combination of cash and additional borrowings. Joy's credit metrics (which have been exceeding our expectations at the current rating level) as well as its sizeable cash balance provide some capacity for acquisitions at the current rating level. The ratings on Joy...
Companies mentioned in this report are: Joy Global Inc.
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Research type: News
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Joy Global Inc.