We are assigning ratings to U.S.-based lift truck manufacturer Hyster-Yale Materials Handling Inc. We are assigning a 'B+' corporate credit rating. The outlook is stable. In addition, we are assigning a 'BB' issue-level rating and '1' recovery rating to the proposed $200 million term loan B due 2023 being issued by subsidiary Hyster-Yale Group Inc. The stable outlook reflects our expectation that Hyster-Yale will maintain an adjusted debt to EBITDA metric of between 3x-4x while generating a funds from operations (FFO) to total debt ratio of between 20-30% over the next 12 months. On May 5, 2017, S&P Global Ratings assigned its 'B+' corporate credit rating to Hyster-Yale Materials Handling Inc. The outlook is stable. At the same time, we
