Moody’s lifts Hyster-Yale

Moody's Ratings said it upgraded Hyster-Yale Group, Inc.'s ratings, including its corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and backed senior secured bank credit facility rating to Ba3 from B1.

The company's speculative grade liquidity rating of SGL-2 is unchanged.

The outlook, previously positive, was changed to stable.

“The upgrade of Hyster-Yale's CFR to B1 reflects the company's strong credit metrics – debt/EBITDA will approximate 2x with EBITA/interest expense above 5.5x in 2024 – improved EBITA margin to almost 6% and free cash flow to debt above 8%,” the agency said in a news release.

“The upgrade is further supported by the company's backlog of $3.3 billion which represents about 10 months of revenue that would provide some cushion if demand were to slow.”

© 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.