AGCO Corp. Assigned Preliminary 'BB'/'BB-' Ratings on $500M Senior/Subordinated Debt Apr 03
Standard & Poors, April 2003
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
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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.
AGCO Corp.
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