S&P rates Manitowoc loans BB+

Standard & Poor's said it affirmed the BB long-term corporate credit rating on Manitowoc Co. Inc. and assigned a BB+ rating to its $2.925 billion secured credit facilities with a recovery rating of 2.

The outlook is stable.

S&P said the actions reflect the enhanced business profile and strong cash flow of the combined company as well as the significant debt capacity incorporated in the existing rating as a result of Manitowoc's considerable delevering over the past few years.

Ratings reflect Manitowoc's diversified and leading global positions in several segments, including the cyclical construction and industrial end markets as well as the more stable food service market, the agency said.

Ratings also consider the company's aggressive financial risk profile stemming from an aggressive acquisition policy, S&P noted.

The issuer's total adjusted debt-to-EBITDA ratio is significantly less than 1 times.

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