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Moody's upgrades Manitowoc
Moody's Investors Service said it upgraded Manitowoc Co., Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and second-lien notes issued by MTW Cranes Escrow Corp. to B2 from B3.
The company's speculative grade liquidity rating also was affirmed at SGL-3.
The outlook is stable.
The upgrades recognize substantial improvement in operating results over the past year, with revenue and margins growth that is expected to continue into 2019, Moody's said.
This has resulted in a strengthening in key credit metrics with its debt-to-EBITDA improved to 3.9x in 2018, down from 5.3x in 2017, the agency said.
The company's strong order growth and a solid backlog reflect Manitowoc's product pipeline of new offerings and innovations, Moody's said.
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