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Moody’s ups Manitowoc, debt
Moody's Investors Service said it upgraded Manitowoc Co., Inc.’s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and the second-lien notes initially issued at MTW Cranes Escrow Corp. to B3 from Caa1.
The company's speculative grade liquidity rating was affirmed at SGL-3.
The outlook is stable.
Moody’s said the upgrade ratings reflects expectations of improving credit metrics, with debt to EBITDA of 5.4 times and EBITA to interest of 0.8 times in 2017 compared to 10.2 times and -0.2 times in 2016 (on a Moody's adjusted basis), respectively.
Manitowoc's revenue is expected to grow in 2018 following multiple years of contraction, as many of the company's key end markets for heavy duty cranes have improved, the agency explained.
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