S&P puts Terex on watch

Standard & Poor's said it placed Terex Corp.'s BB long-term corporate credit rating on CreditWatch with negative implications.

"The CreditWatch placement follows the company's announcement that it has initiated discussions with its lead banks to obtain relief from lenders relating to covenants under its credit agreement," S&P analyst Dan Picciotto said in a statement.

Ratings reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile, the agency said.

These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and by its good geographic and product diversity, S&P noted.

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