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S&P: Westinghouse Air Brake unchanged
Standard & Poor's said its ratings and outlook on Westinghouse Air Brake Technologies Corp. (BB/stable) are unaffected following the company's announcement of the authorization of a $50 million share repurchase program.
S&P said that the company's liquidity is solid, as Wabtec has ample access under its $175 million credit facility, with a cash balance of $238.9 million at June 30.
Pro forma for the repurchase, Wabtec's EBITDA to interest coverage ratio and total debt to EBITDA ratio are expected to remain below our expectations of 3.0 times to 4.0 times and 3.0 times to 3.5 times, respectively, the agency added.
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