Leading market positions; Good customer diversity; Solid brand images and large distribution network; and Fair amount of maintenance and replacement parts sales. Cyclical and volatile market demand; Manufacturer of engineered commodity products; High fixed cost structure; Aggressive financial profile; Exposure to raw material price swings; and Risks of a financial company joint venture in which it is a part owner. The speculative-grade ratings reflect NMHG Holding Co.'s aggressive financial risk profile, fair liquidity, and weak business risk profile assessment, with leading positions within cyclical and volatile markets. NMHG competes in the global forklift truck market, which is characterized as moderate in size, somewhat consolidated, and moderately capital intensive. Over the business cycle, the industry grows at GDP-like rates. Larger forklift
