Toromont Industries Ltd.: Rating Report
On June 7, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured Debentures rating of Toromont Industries Ltd.’s (Toromont or the Company) at A (low) with Stable trends. The rating confirmations reflect Toromont’s strong operating results in 2022 that were in line with DBRS Morningstar's expectations. The Stable trends reflect DBRS Morningstar’s expectations that operating results and credit metrics will remain well positioned in the current rating category in the near-to-medium term. Toromont's ratings are supported by the Company's robust business risk profile as the exclusive Caterpillar equipment dealer with full-service capability in all of Eastern Canada, the Company’s solid market position across its sales territories, as well as strong credit metrics.Toromont Industries delivers capital equipment to a range of customers and industries. Co. operates through two business segments: the Equipment Group and CIMCO. Through its Equipment Group, Co. is engaged in the supply of mobile equipment and industrial engines and provides sales and rental solutions as well as product support through Toromont Cat, Battlefield – The Cat Rental Store and SITECH Mid-Canada Ltd. in Ontario, Newfoundland, Manitoba and most of Labrador and Nunavut, and AgWest Ltd. in Manitoba. Through CIMCO, Co. is engaged in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems with operations in Canada and the U.S..
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