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S&P: Timken view to positive
Standard & Poor’s said it revised the outlook on Timken Co. to positive from stable.
The agency also said it affirmed the company’s BBB- corporate credit rating.
The outlook revision reflects a possible one-notch upgrade if the company produces good operating performance following the spin-off of its steel business to shareholders effective June 30, S&P said, and maintains a conservative financial policy.
Timken’s steel business performance provided some diversification and scale benefits, which is offset by the segment’s high volatility, the agency said.
The steel business is capital intensive and contributes significant swings in profitability, S&P said.
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