S&P lifts Manitowoc outlook to positive

Standard & Poor's said it revised its outlook on The Manitowoc Co. Inc. to positive from stable and affirmed the company's BB- corporate credit, BB secured bank loan with a recovery rating of 1, B+ unsecured debt and B subordinated debt ratings.

The outlook revision to positive recognizes the company's improved operating performance, especially in its crane operations, its lower debt leverage and continued disciplined financial policies, the agency said.

The ratings reflect the company's weak business risk profile operating in the highly cyclical construction and industrial end markets as well as its aggressive financial profile, the agency said.

S&P said the rating also reflect Manitowoc's broad and leading industry positions; its good customer, product and geographic diversity; and oversees low-cost and efficient global manufacturing operations.

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