S&P: Toro outlook stable

Standard & Poor's said it revised its outlook on Toro Co. to stable from positive and affirmed its ratings, including its BBB- corporate credit rating.

The agency said the outlook revision reflects its opinion that Toro will be unable to maintain the strong credit measures needed for a possible upgrade due to pressure placed on its financial performance in the near to intermediate term by ongoing weak global macroeconomic conditions. Nonetheless, S&P anticipates that the company's credit measures will remain within its expectations for the BBB- rating.

The ratings on the Toro reflect its leading market positions in the professional turf equipment and service market, its good market positions in consumer-powered lawn and garden equipment products and its moderate debt burden, the agency said.

The high degree of seasonality in the company's residential business and the highly competitive nature of its end-markets are additional ratings factors, S&P said.

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