| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for MTW Cranes Escrow Corp. > News item |
Moody's rates Manitowoc notes B2
Moody's Investors Service said it assigned a B2 (LGD 3) rating to the Manitowoc Co., Inc.'s new $300 million second-lien senior secured notes due 2026.
The proceeds will be used to refinance the $260 million of second-lien notes due 2021 issued at MTW Cranes Escrow Corp.
The outlook is stable.
The ratings reflect 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 ratio improved to 3.9x in 2018, down from 5.3x in 2017, the agency said.
The stable outlook reflects expectations for modest revenue growth at stable margins through 2019, Moody's said, and that negative free cash flows over this time will be covered by cash reserves with no material increase in debt.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.