S&P rates Genuine Partners BBB

S&P said it assigned a BBB rating to Genuine Parts Co.

“Our rating reflects GPC’s solid market position in the automotive maintenance and repair distribution and industrial maintenance, repair, and operations (MRO) industries,” S&P said in a press release.

In the U.S., the average vehicle’s age has increased to more than 11 years, which should increase demand for repair and maintenance parts, equipment and services, underpinning demand for GPC’s products. “We also expect demand growth in the industrial segment following the 2020 disruptions because of the coronavirus pandemic,” S&P said.

The agency assigned a stable outlook. “The stable outlook indicates our expectation for good execution on revenue growth and cost initiatives on the heels of positive industry drivers. This will contribute to steadily improving operating performance and adjusted leverage in the mid-2x area,” S&P said.

© 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.