Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Moody’s Downgrades The Manitowoc Company

0
0

On May 30, 2017, Moody’s Investors Service downgraded the ratings of The Manitowoc Company, Inc., including the corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and the second lien notes initially issued at MTW Cranes Escrow Corp to Caa1 from B2. According to Moody’s, the downgrade of Manitowoc’s ratings reflects the expectation of low margins, weak EBITDA generation, and high leverage, following multiple years of contracting revenues. Although the Company operates with low levels of absolute debt, Moody’s expects EBITDA to interest to be weak, around or under 1x in 2017. The Company’s performance reflects a meaningful contraction in end market demand for cranes. Read more on distressed companies.

The post Moody’s Downgrades The Manitowoc Company appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images