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S&P rates Heico notes BBB-
Standard & Poor's said it assigned a BBB- corporate credit rating on the Heico Cos. LLC, along with a BBB- rating on its proposed $120 million senior unsecured notes due 2020 to be co-issued by the Heico Cos. LLC and Heico Holding Inc., along with a BBB- rating on its proposed $130 million senior unsecured notes due 2020 to be issued by Heico Canada Holding Co., an indirect subsidiary of Heico Holding Inc.
The outlook is stable.
The ratings reflect the company's position as one of the two holding companies of a portfolio of subsidiaries operating various construction, metal processing and industrial businesses primarily in North America, S&P said.
The agency said it considers the financial risk profile of the holding companies to be intermediate, reflecting management's policy of maintaining moderate financial leverage in relation to the portfolio's cash flow profile.
The fair business risk profile reflects the portfolio's operating companies' generally good market positions, relatively variable cost structures and generally limited fixed-capital requirements, S&P said.
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