S&P rates Manitowoc loan BB

Standard & Poor's said it affirmed the B+ corporate credit rating on Manitowoc Co. Inc. and its B+ senior debt with a 4 recovery rating.

S&P assigned a BB issue-level rating, with a recovery rating of 1, to Manitowoc's new credit facilities.

The outlook is stable.

The ratings on Manitowoc reflect the company's aggressive financial risk profile, characterized by high debt levels and aggressive financial policies, which more than offset its fair business risk profile, the agency said.

The stable outlook reflects the expectation that Manitowoc's end markets will continue to stabilize in 2011, the agency added.

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