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Moody’s drops Terex view to negative
Moody's Investors Service said it changed Terex Corp.’s outlook to negative from stable and affirmed the B1 corporate family rating, B1-PD probability of default rating and SGL-2 liquidity rating.
Moody’s said the outlook change reflects the significant weakness in the company's end markets, particularly its crane business where margins have contracted to the low single-digits.
Although the aerial work platform (AWP) business continues to be the main driver of profitability, it too has recently exhibited a significant decline in revenue and profitability, the agency added.
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