New York, August 16, (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has affirmed B2 Corporate Family Rating on CPM Holdings Inc and revised the ratings on its proposed credit facilities in response to a change in the proposed deal structure. The outlook on the ratings has been stable.
In a research note published yesterday, the analysts mention that the B2 CFR has been initiated by modest size, exposure to cyclical end markets, a business mix weighted towards new equipment sales and financial risk posed by significant absolute debt relative to the cash flow generated by the relatively stable spare parts business.
Moody’s believes that demand for new agricultural and food processing machinery can be influenced significantly by changes in global macro economic conditions and credit conditions. The rating includes tolerance for significant peak to trough declines in EBITDA during downturns of moderate intensity, though due to low capital spending requirements and assumes the company would generate positive free cash flow on a rolling twelve basis.
However, the stable outlook indicates the expectation for strong operating performance in the coming 12-18 months and continued good liquidity.
CPM Holdings Inc is a leading provider of process machinery and technology for the oil seed, animal feed, breakfast cereal and snack food and bio fuels processing industries. CPM is owned by Gilbert Global Equity since 2003 and generated around $500 million of revenue, the analysts say.
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