S&P boosts Manitowoc

Standard & Poor's said it raised its ratings on The Manitowoc Co. Inc., including the corporate credit rating on the company, which rose to BB from BB-.

The upgrade reflects the improvement in the company's operating performance and the expectations for continued reduction in leverage, the agency said.

Further improved prospects in performance, especially in the crane segment, are factored into the current ratings and outlook, S&P added.

The outlook is stable.

S&P said the ratings on Manitowoc reflect its diversified and leading global positions in several segments, including the cyclical construction and industrial end markets, as well as the more stable food-service market.

However, the ratings also reflect the company's somewhat aggressive financial profile, S&P noted.

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