Standard&Poor's Ratings Services' ratings on Thomasville, Ga.-based Cleaver-Brooks Inc. reflects our view of the company's weak business risk profile--which incorporates its operations in a highly fragmented and competitive industry, and our belief that this competitiveness will continue--as well as its highly leveraged financial risk profile. The privately owned company refinanced its debt by issuing new notes in 2010 and used part of the proceeds to pay a dividend to its sponsor. Somewhat offsetting these limitations are the company's leading position in the niche market for mid-to-large commercial and industrial boilers. It also has a strong distribution network, consisting of exclusive sales representatives, and has a well-known industrial brand name and reputation. Primarily based in the U.S., with about
