ParkOhio Announces Ratings Upgrade from Moody’s
November 20 2023 - 4:10PM
Business Wire
Park-Ohio Holdings Corp. (NASDAQ: PKOH) announced today that
Moody’s Investors Service, Inc. (“Moody’s”) has upgraded the
ratings of ParkOhio Industries, Inc. (“ParkOhio”), including the
Corporate Family Rating (“CFR”) to B2 from B3, and the Senior
Unsecured Rating to Caa1 from Caa2.
Moody’s noted that the upgrades reflect Moody’s view that
ParkOhio will continue to improve its operating performance and
strengthen its balance sheet over the next twelve months. Moody’s
also noted that the stable outlook reflects Moody’s expectation
that ParkOhio will benefit from revenue growth, margin expansion,
and positive free cash flow over the next 12-18 months resulting in
improving credit metrics and liquidity.
ParkOhio is a diversified international company providing
world-class customers with a supply chain management outsourcing
service, capital equipment used on their production lines, and
manufactured components used to assemble their products.
Headquartered in Cleveland, Ohio, ParkOhio operates more than 130
manufacturing sites and supply chain logistics facilities
worldwide, through three reportable segments: Supply Technologies,
Assembly Components and Engineered Products.
This news release contains forward-looking statements, including
statements regarding future performance of the Company, that are
subject to known and unknown risks, uncertainties and other factors
that may cause our actual results, performance and achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors that could cause actual
results to differ materially from expectations include, but are not
limited to, the following: our ability to consummate the sale of
our Aluminum Products business for any reason, including the
inability to enter into a definitive purchase agreement; the impact
supply chain issues such as the global semiconductor micro-chip
shortage and logistic issues have on our business, results of
operations, financial position and liquidity; our substantial
indebtedness; the uncertainty of the global economic environment;
general business conditions and competitive factors, including
pricing pressures and product innovation; demand for our products
and services; the impact of labor disturbances affecting our
customers, including the UAW strike; raw material availability and
pricing; fluctuations in energy costs; component part availability
and pricing; changes in our relationships with customers and
suppliers; the financial condition of our customers, including the
impact of any bankruptcies; our ability to successfully integrate
recent and future acquisitions into existing operations; the
amounts and timing, if any, of purchases of our common stock;
changes in general economic conditions such as inflation rates,
interest rates, tax rates, unemployment rates, higher labor and
healthcare costs, recessions and changing government policies, laws
and regulations, including those related to the current global
uncertainties and crises, such as tariffs and surcharges; adverse
impacts to us, our suppliers and customers from acts of terrorism
or hostilities, including the conflicts between Russia and Ukraine
and in the Middle East, or political unrest, including the rising
tension between China and the United States; public health issues,
including the outbreak of infectious diseases and any impact on our
facilities and operations and our customers and suppliers; our
ability to meet various covenants, including financial covenants,
contained in the agreements governing our indebtedness;
disruptions, uncertainties or volatility in the credit markets that
may limit our access to capital; potential disruption due to a
partial or complete reconfiguration of the European Union;
increasingly stringent domestic and foreign governmental
regulations, including those affecting the environment or import
and export controls and other trade barriers; inherent
uncertainties involved in assessing our potential liability for
environmental remediation-related activities; the outcome of
pending and future litigation and other claims and disputes with
customers; our dependence on the automotive and heavy-duty truck
industries, which are highly cyclical; the dependence of the
automotive industry on consumer spending; our ability to negotiate
contracts with labor unions; our dependence on key management; our
dependence on information systems; our ability to continue to pay
cash dividends, and the timing and amount of any such dividends;
and the other factors we describe under “Item 1A. Risk Factors”
included in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022. Any forward-looking statement speaks only
as of the date on which such statement is made, and we undertake no
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by law. In light of these and other uncertainties, the
inclusion of a forward-looking statement herein should not be
regarded as a representation by us that our plans and objectives
will be achieved. The Company assumes no obligation to update the
information in this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231120971674/en/
Matthew V. Crawford Park-Ohio Holdings Corp. (440) 947-2000
Park Ohio (NASDAQ:PKOH)
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