Moody's says Toro's additional debt to fund Venture Products, Inc. acquisition is credit negative; ratings unaffected
Announcement: Moody's says Toro's additional debt to fund Venture Products, Inc. acquisition is credit negative; ratings unaffected. Global Credit Research- 21 Jan 2020. New York, January 21, 2020-- Moody's Investors Service, said The Toro Company's announcement to acquire Venture Products, Inc., the manufacturer of Ventrac-branded products, is credit negative because the transaction will be funded with revolver borrowings after a more leveraged financial profile following...Toro designs, manufactures, and markets turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural irrigation systems, rental and underground construction equipment, and residential yard and snow thrower products. The company's segments include: Professional, which markets its products worldwide through a network of distributors and dealers, as well as directly to government customers, rental companies, and retailers; and Residential, which markets its products to homeowners through outdoor power equipment distributors and dealers, mass retailers, hardware retailers, home centers, as well as online.
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