Narrow focus in manufacturing commercial and industrial boilers and related equipment. Consistent replacement and aftermarket parts and services business. Small revenue base. Debt leverage between 5x and 6x, according to our forecasts. Private equity sponsor owner influence on the company's financial policy. The stable outlook reflects Standard&Poor's Ratings Services' forecast that, in the fiscal year ending (FYE) March 2015, Cleaver-Brooks Inc. will generate 5% organic revenue growth and a 100-basis-point increase in year-over-year EBITDA margins as a result of demand for large industrial and commercial boiler replacement in core North American markets. Assuming the company makes bolt-on acquisitions, we expect it to sustain operating performance and pro forma leverage below 6x. We could lower the ratings if operating
