S&P: Greenbrier outlook stable

Standard & Poor's said it affirmed its ratings on Greenbrier Cos. Inc., including the B- corporate credit rating, and revised the outlook to stable from negative, reflecting the company's improved liquidity profile following the completion of its recent equity offering.

The agency also assigned preliminary CCC senior unsecured debt and subordinated debt ratings to the recently filed $300 million shelf registration.

The ratings on Greenbrier reflect the company's fair business risk profile stemming from the cyclicality of the freight car manufacturing industry, the dramatic decline in demand for new railcars as a result of slower economic growth and weaker carloadings and limited customer diversity as well as its highly leveraged financial risk profile, S&P said.

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