Summary: NMHG Holding Co.

On April 18, 2002, Standard&Poor's assigned its long-term corporate credit rating to NMHG Holding Co., a wholly owned subsidiary of NACCO Industries Inc. At the same time, Standard&Poor's assigned its rating to NMHG's proposed $175 million secured bank facility due 2005, and its rating to the company's proposed $250 million senior unsecured note offering which will be filed under SEC Rule 144A. The ratings reflect NMHG's leading positions within cyclical and volatile markets, its aggressive financial profile, and fair financial flexibility. NMHG competes in the global forklift truck market, which is characterized as moderate in size, somewhat consolidated, and modestly capital intensive. Over the business cycle, the industry grows at GDP-like rates. Larger forklift manufacturers are

...On April 18, 2002, Standard & Poor's assigned its long-term corporate credit rating to NMHG Holding Co., a wholly owned subsidiary of NACCO Industries Inc. At the same time, Standard & Poor's assigned its rating to NMHG's proposed $175 million secured bank facility due 2005, and its rating to the company's proposed $250 million senior unsecured note offering which will be filed under SEC Rule 144A. The ratings reflect NMHG's leading positions within cyclical and volatile markets, its aggressive financial profile, and fair financial flexibility. NMHG competes in the global forklift truck market, which is characterized as moderate in size, somewhat consolidated, and modestly capital intensive. Over the business cycle, the industry grows at GDP-like rates. Larger forklift manufacturers are also gaining market share from vendor consolidation, which is leading to national account opportunities. However, the industry is both cyclical and volatile; demand for lift trucks has been quite weak during...

Summary