Moody's affirms Toro

Moody's Investors Service said it affirmed Toro Co.'s Baa3 senior rating and revised the outlook to stable from negative.

The change in outlook reflects the recent year over year revenue and margin improvement and the expectation that the company's end markets and credit metrics will continue to improve, according to the agency.

Toro's Baa3 senior rating incorporates the company's reasonable leverage for the rating category, strong brand recognition and global footprint, the agency said.

The rating also recognizes the company's good liquidity profile, the agency added.

Offsetting these factors is the risk that in a given year the seasonality of its business could vary beyond the norm with dramatic swings in weather having a meaningful impact on product demand, the agency noted.

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