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S&P alters Douglas Dynamics view to stable
S&P said it revised Douglas Dynamics Inc.’s outlook to stable from negative and affirmed its BB- rating. Concurrently, the agency affirmed the BB- and 3 recovery ratings of subsidiary Douglas Dynamics LLC's $275 million term loan due in 2026.
“The outlook revision reflects Douglas Dynamics' good operating performance during the pandemic, despite a challenging year, and our belief that earnings will continue to improve over the next 12 months,” S&P said in a press release.
The agency said it sees Douglas improving its margins resulting in S&P Global Ratings-adjusted debt to EBITDA in the 2x-3x area over the next 12 months.
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