S&P: Thermadyne cut to negative

Standard & Poor's said it revised its outlook on Thermadyne Holdings Corp. to negative from stable while affirming the B+ corporate credit and B- subordinated debt ratings on the company.

S&P said the outlook revision reflects the firm's weakened financial profile resulting from high-volume inefficiencies, causing operating margin and EBITDA to decline and debt to increase.

The ratings reflect Thermadyne Holdings' below-average business position as one of four leading participants in the large, but fragmented and intensely competitive and cyclical global welding equipment industry, together with a weak financial profile.

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