S&P: Snap-On view stable

Standard & Poor's said it revised the outlook on Snap-On Inc. to stable from negative and affirmed its A- long-term corporate credit rating and A-2 short-term rating.

"The outlook revision to stable reflects the improvement in Snap-On's credit measures, which, amid better underlying operating profitability, have returned to levels that are in line with our expectations for the rating," S&P analyst Gregoire Buet said in a written statement.

Ratings reflect Snap-On's modest financial risk profile, characterized by a relatively conservative financial policy and steady cash flow generation, as well as the company's strong market position as a leading manufacturer of tools and diagnostic equipment for the auto repair industry and other industrial markets.

This mitigates the company's acquisitiveness and the competitive nature of its markets.

The issuer's adjusted total debt-to-EBITDA ratio is about 1.4 times.

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