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Bulletin: Joy Global Inc. Ratings And Outlook Unaffected By Its Purchase Of LeTourneau
Standard & Poors, May 2011
Abstract
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.
Action: Bulletin
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.
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