S&P rates Manitowoc notes B+

Standard & Poor's said it affirmed its B corporate credit rating on Manitowoc Co., Inc. The outlook is stable.

At the same time, the agency said it assigned a B+ issue-level rating and a 4 recovery rating to the company's proposed $300 million senior unsecured notes due 2022. The 4 recovery rating indicates expectations for an average recovery in the event of default.

The agency said it also affirmed the BB issue-level rating and 1 recovery rating on the company's credit facilities and the B+ issue-level rating and 4 recovery rating on the company's other senior unsecured notes due 2018 and 2020.

S&P said the ratings on Manitowoc reflect the company's aggressive financial risk profile, characterized by high debt and aggressive financial policies, which more than offsets its fair business risk profile. The agency said it expects the company's revenues to increase as the crane segment continues its recovery alongside a modest improvement in the food service segment.

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