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NEW YORK - Moody's Investors Service on Monday affirmed the debt ratings of The Manitowoc Company Inc., after the diversified manufacturer agreed to buy British food-service equipment supplier Enodis PLC for about $1.9 billion.
| MTW | 5.18 |  -0.27 |
The credit rating agency kept the company's corporate family rating at "Ba2," its probability of default at "Ba2" and its senior unsecured notes at "Ba3." All the ratings are considered noninvestment, or "junk," grade.
Moody's said that while the deal will increase Manitowoc's financial leverage, it believes the strength of the company's cranes, food-service equipment and shipbuilding and repair units should allow it to maintain its ratings.
The ratings outlook remains "Stable."
Manitowoc shares fell 62 cents to $39.90 in afternoon trading.
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