S&P rates Terex loan BB+

Standard & Poor's said it assigned a BB+ rating to Terex Corp.'s (BB-/negative) proposed $66 million incremental term loan due 2013 with 1 recovery rating.

The outlook is negative.

Proceeds will be used to finance a portion of the €155 million acquisition of the Fantuzzi and Noell port equipment businesses.

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

The company's position as a major provider of construction equipment and its good geographic and product diversity mitigate these factors, the agency noted.

© 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.