Somewhat narrow focus in manufacturing commercial and industrial boilers and related equipment. Good replacement and aftermarket parts and services business. Relatively small revenue base. Debt leverage in the 5x-6x range. Private sponsor ownership. The outlook is stable. This reflects Standard&Poor's Ratings Services' belief that Cleaver-Brooks Inc. will generate positive free operating cash flow in the current fiscal year with improved year-over-year EBITDA margins, given the somewhat favorable trend for large industrial and commercial boiler replacement in core North American markets. After the recent buyout transaction, the company is sustaining its operating performance and moving credit metrics toward expectations. We could lower the ratings if operating performance declines unexpectedly or debt increases such that leverage exceeds 6x for an
