• 1-800-526-8630U.S. (TOLL FREE)
  • 1-917-300-0470EAST COAST U.S.
  • +353-1-416-8900REST OF WORLD
AGCO Corp. Assigned Preliminary 'BB'/'BB-' Ratings on $500M Senior/Subordinated Debt Apr 03 Product Image

AGCO Corp. Assigned Preliminary 'BB'/'BB-' Ratings on $500M Senior/Subordinated Debt Apr 03

  • ID: 2087083
  • April 2003
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) April 14, 2003--Standard & Poor's Ratings Services said today that it assigned preliminary 'BB'/'BB-' ratings to AGCO Corp.'s $500 million senior/subordinated debt securities SEC 415 shelf registration. At the same time, the 'BB+' corporate credit rating on the company was affirmed. Outstanding debt at year-end 2002 totaled $637 million. The outlook is negative on Duluth, Ga.-based AGCO, the world's third-largest farm equipment manufacturer. AGCO markets its products under a number of well-known brand names, most notably Massey-Ferguson. AGCO's earnings started to rebound in 2002 after being affected by the sharp downturn in the North American farm equipment industry that started in mid-1998. "Continued improvement of performance is expected for AGCO, but a full recovery of...

Companies mentioned in this report are: AGCO Corp.
Action: Affirmed
Action: New Rating

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.

Note: Product cover images may vary from those shown

AGCO Corp.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

RELATED PRODUCTS