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S&P affirms Actuant
Standard & Poor's said it revised the outlook on the Actuant Corp.'s BB corporate credit rating to stable from negative.
The action reflects Actuant's reduced debt and improved liquidity, following its issuance of about $125 million of common equity and amendment of its revolving credit facility to relax financial covenants throughout fiscal 2010, according to the agency.
Ratings reflect the company's significant financial risk profile, marked by a target debt-to-EBITDA leverage of 2x to 3x, and an acquisitive growth strategy, the agency said.
The company's fair business risk profile, marked by leading positions in various niche but cyclical markets, its diversity, and its consistent cash flow, support the rating, the agency noted.
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