S&P changes Crosby view to stable

S&P said it revised its outlook on Crosby Worldwide Ltd. to stable from negative and affirmed all of its ratings, including the B- issuer credit rating.

“The outlook revision reflects our belief that improving conditions in Crosby's end markets (particularly its oil and gas markets), combined with the benefits from its manufacturing improvements, will support revenue growth in the high-single digit percent area and modest margin expansion over the next 12 months,” the agency said in a news release.

“Specifically, we expect the company's adjusted debt-to-EBITDA to improve to the low-8x area as of the end of 2018 (from about 11.7x as of the end of 2017) before improving further toward the 7x area in 2019.”

© 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.