Narrow focus as a manufacturer of commercial and industrial boilers and related equipment Consistent revenue from replacement and aftermarket parts and services business Relatively small size and scope of operations Highly leveraged capital structure, with an adjusted debt-to-EBITDA ratio of about 6.5x according to our forecasts Aggressive financial policies given its ownership by equity sponsor Harbour Group. Standard&Poor's Ratings Services' stable outlook on Cleaver-Brooks Inc. reflects our view that the company will improve its operating performance, continue to generate positive free cash flow, and maintain adequate liquidity under its asset-based lending (ABL) revolving credit facility. While oil prices are currently subdued, bidding activity in this and other end markets has started to improve. We anticipate that this increased
