S&P changes Terex view to negative

S&P said it revised its outlook on Terex Corp. to negative from stable and affirmed the BB corporate credit rating.

The issue-level and recovery ratings on the company's senior secured credit facilities and senior unsecured notes remain unchanged.

"The outlook revision reflects our belief that the company may be unable to reduce its leverage from currently elevated levels as quickly as anticipated because of the continued weak global demand for cranes and aerial work platforms," S&P credit analyst Tyrell Peebles said in a news release.

Pro forma for the expected debt repayment following the company's sale of its MHPS business in early 2017, the agency anticipates that Terex's leverage will be in the low-4 times.

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