Park-Ohio announces Moody’s upgrades of ParkOhio Industries ratings

Park-Ohio Holdings Corp. announced that Moody’s Investors Service, Inc. has upgraded the ratings of ParkOhio Industries, including the Corporate Family Rating to B2 from B3, and the Senior Unsecured Rating to Caa1 from Caa2. Moody’s noted that the upgrades reflect Moody’s view that ParkOhio will continue to improve its operating performance and strengthen its balance sheet over the next twelve months. Moody’s also noted that the stable outlook reflects Moody’s expectation that ParkOhio will benefit from revenue growth, margin expansion, and positive free cash flow over the next 12-18 months resulting in improving credit metrics and liquidity. ParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates more than 130 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.