...+ Cloud Crane LLC announced its intention to issue $75 million of incremental second-lien notes due in 2024 to fund its previously announced acquisition of Coast Crane. + We are affirming our 'B' corporate credit rating on Cloud Crane. + At the same time, we are affirming our 'B' issue-level rating on the company's second-lien notes and are revising our recovery rating to '4' from '3'. + The stable outlook reflects our expectation that good industry demand, supported by stable energy markets and modest nonresidential construction growth, will enable Cloud Crane to reduce its leverage to the low- to mid-5x range over the next 12-18 months from the high 5x area in 2016. NEW YORK (S&P Global Ratings) May 10, 2017--S&P Global Ratings today affirmed its 'B' corporate credit rating on Cloud Crane LLC. The outlook is stable. "At the same time, we affirmed our 'B' issue-level rating on the company's second-priority notes due in 2024 and revised our recovery rating to '4' from '3' to reflect the...
