Ratings reflect AGCO Corp.'s satisfactory competitive position as the world's third-largest farm equipment manufacturer, and a relatively weak financial profile that is expected to strengthen over the intermediate term. AGCO markets its products under a number of well-known brand names, most notably Massey-Ferguson. An important industry consolidator, AGCO strengthened its business profile through a sizable number of acquisitions in Europe, North America, and South America. This has allowed the firm to broaden its product line, to expand the dealer network, and to increase its geographic presence. AGCO operating performance and credit measures have been affected by the sharp downturn in the North American farm equipment industry that started in mid-1998. Demand in other world regions has also weakened over the...
Companies mentioned in this report are: AGCO Corp.
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