Leading position in the niche market for commercial and industrial boilers serving health care, food and beverage, and other industries; and Strong distribution network consisting of exclusive sales representatives and a strong brand name and reputation. Limited size and scope of operations; Highly fragmented market with competition from other large operators; and Highly leveraged and aggressive financial policy Standard&Poor's Ratings Services' ratings on Thomasville, Ga.-based Cleaver-Brooks Inc. reflect the company's position operating in a highly fragmented and competitive industry, as well as its highly leveraged financial risk profile. The privately owned company refinanced its debt by issuing new notes in May 2010 and used part of the proceeds to pay a dividend to its sponsor. Somewhat offsetting these
