Operates in a highly competitive and cyclical market for lift trucks. Highly fixed cost structure that may limit profitability during periods of volatile demand for lift trucks. Narrow product line diversity, as lift trucks and related attachments are about 95% of sales. Limited geographic diversity, as more than 90% of lift truck operating profit is generated in the Americas. Expected adjusted debt-to-EBITDA in the 2x–3x range and a funds from operations (FFO)-to-debt ratio around 25%-35% over the next 12-18 months. We believe that these credit metrics could be volatile during periods of economic stress. The stable outlook on Hyster-Yale Materials Handling Inc. reflects our expectation for relatively favorable market conditions that will allow the company to maintain leverage in the
