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S&P: Kennametal unaffected
Standard & Poor's said the announcement by Kennametal Inc. (BBB/stable/--) that it is selling its full service supply business for about $41 million, with proceeds partially used to reduce debt, is viewed positively but has no affect on the rating or outlook.
After an expected closing in May, S&P said the sale is expected to be accretive to Kennametal's margins in fiscal 2006.
For the rating, lease-adjusted funds from operations to total debt is expected to be in the mid 30s percentage area and total debt to EBITDA is expected to be well under 3x. They were an estimated 33% and 2.3x, respectively, as of Dec. 31.
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