Standard&Poor's Ratings Services derives its 'B' rating on Cleaver-Brooks Inc. from: Our anchor of 'b', based on our "weak" business risk and "highly leveraged" financial risk profile assessments for the company. Modifiers, which had no impact on the rating. 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 to 6x range. Private sponsor ownership. The stable outlook reflects our belief that Cleaver-Brooks Inc. will generate relatively good operating income in the 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. Assuming some bolt-on
