S&P: Westinghouse Air Brake unchanged

Standard & Poor's said its ratings and outlook on Westinghouse Air Brake Technologies Corp. (BB/stable) are unaffected following the company's announcement of the authorization of a $50 million share repurchase program.

S&P said that the company's liquidity is solid, as Wabtec has ample access under its $175 million credit facility, with a cash balance of $238.9 million at June 30.

Pro forma for the repurchase, Wabtec's EBITDA to interest coverage ratio and total debt to EBITDA ratio are expected to remain below our expectations of 3.0 times to 4.0 times and 3.0 times to 3.5 times, respectively, the agency added.

© 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.