S&P raises Doosan Bobcat ratings

S&P said it raised Doosan Bobcat Inc.’s rating to BB from BB-, citing a completed review done under revised criteria.

The agency also upgraded the company’s term loan rating to BBB- from BB and revised the recovery rating on the loan to 1 from 2. The 1 recovery rating means S&P estimates lenders can make a very high recovery (90%-100%) in the event of a payment default. Two recent prepayments of $150 million and $100 million helped raise the recovery rating, S&P said.

The outlook is stable, mirroring S&P’s view that Doosan’s market position and good cash flow will help the company maintain its financial metrics.

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