DBRS confirms Finning

DBRS said it confirmed the issuer rating and senior debenture and medium-term note rating of Finning International Inc. at BBB (high) as well as its commercial paper rating at R-2 (high).

The trends are stable.

The confirmation reflects Finning’s performance in line with expectations and the combination of the company’s business and financial risk profiles remaining consistent with its current ratings, the agency said.

As anticipated, improved markets conditions, especially in the construction sector, in Finning’s sales territories led to higher new-equipment shipments and steady growth in product-support revenue, DBRS said.

Benefits from cost-reduction and productivity initiatives raised profitability at a faster pace than revenue in 2017 and through the first half of 2018, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.