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S&P lifts Thermadyne
Standard & Poor's said it raised Thermadyne Holdings Corp.'s corporate credit rating to CCC+ from CCC and removed the ratings from CreditWatch with positive implications, where they were placed on April 5. The subordinated notes were upgraded to CCC- from CC.
The outlook is positive.
The upgrade reflects Thermadyne's stronger operating performance, recent bank refinancing and filing of its second-quarter 10-Q filing, according to the agency.
The ratings reflect the company's position as a leader in the large but fragmented, intensely competitive and cyclical global welding-equipment industry, S&P said.
The ratings also reflect the company's weak financial profile, highly leveraged balance sheet, weak cash flow protection and limited financial flexibility, the agency said. Thermadyne's operating and financial performance reflect weak cost controls, high inventory levels and product-pricing challenges, according to S&P.
As of June 30, the company's lease-adjusted debt-to-EBITDA ratio was about 6.9 times.
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