New York, August 9 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has assigned a Baa1 rating to Leggett & Platt’s (NYSE: LEG). Moody’s also confirms all of LEG’s other ratings including its Baa1 senior unsecured rating and Prime 2 short term rating. The outlook on the ratings has been stable.
In a research note published yesterday, the analysts state that LEG’s rating indicates its highly diversified product portfolio, solid and consistent cash flow generating abilities, concentration within residential furnishings products and the competitive advantage.
The ratings were also supported by its scale with revenue of around $3.7 billion and its global footprint with around 90 percent of revenue and earnings coming from US, Europe and China.
However, Moody’s expects credit metrics to return to historical levels in the coming 12-18 months through a combination of margin expansion and debt reduction with free cash flow. The stable outlook indicates
Moody’s view that LEG might use its free cash flow in order to decrease debt rather than for share repurchases other than for anti dilution purposes under its benefit plans and that debt to EBITDA would be around 3 times by the end of 2012 and might steadily reduce in 2013 to around 2.5 times, the analysts say.
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