...NEW YORK (Standard & Poor's) April 18, 2002--Standard & Poor's said today it assigned its double-'B'-minus corporate credit rating to a leading lift trucks manufacturer NMHG Holding Co., a wholly owned subsidiary of Nacco Industries Inc. At the same time, Standard & Poor's assigned its double-'B'-minus rating to NMHG's proposed $175 million secured bank facility due 2005, and its single-'B'-plus rating to the Portland, Ore.-based company's proposed $250 million senior unsecured note offering due 2009. The outlook is positive. "The ratings reflect NMHG's leading positions within cyclical and volatile markets, its aggressive financial profile, and fair financial flexibility," said Standard & Poor's analyst Joel Levington. The financial risk assessment reflects the company's temporarily stretched balance sheet, with total debt (adjusted for the present value of operating leases) to EBITDA of about 6.1 times at Dec. 31, 2001, and fair financial flexibility. Cash flow generation benefits from...
