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Bulletin: AGCO Corp. Ratings And Outlook Are Unaffected By Plan To Acquire GSI Holdings Corp. Oct 11
Standard & Poors, Oct 2011
Abstract
NEW YORK (Standard & Poor's) Oct. 3, 2011--Standard & Poor's Ratings Services today said that its ratings and outlook on AGCO Corp. (BBB-/Stable) are not affected by the company's announcement that it has agreed to acquire Assumption, Ill.-based GSI Holdings Corp., a maker of grain storage systems and protein production equipment for swine and poultry producers. The acquisition, for about $940 million, will be financed with debt, nearly doubling AGCO's total adjusted debt (which includes underfunded pension and postretirement obligations and operating leases). As a result, AGCO will have less capacity for debt-financed acquisitions in the next year or so. AGCO's credit measures have been strong recently, exceeding our expectations for the current rating. For instance, we expect AGCO to...
Companies mentioned in this report are: AGCO Corp.
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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