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S&P cuts Hyster-Yale Materials
S&P said it lowered its rating on Hyster-Yale Materials Handling Inc. to B from B+ and the issue-level rating to BB- from BB.
The agency said its economists believe the United States and Europe have entered a recession and the effects of the coronavirus is forecasted to hurt consumer spending and business investment.
“Although the severity and longevity of the Covid-19 pandemic remain uncertain, there is increasing risk that reduced demand will limit Hyster-Yale's organic revenue growth in 2020, leading to significant declines,” said S&P in a press release.
The outlook is negative.
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