Moody’s affirms Hyster-Yale stock rating, outlook cut to negative

Moody’s has affirmed Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) Ba3 corporate family rating and Ba3-PD probability of default rating, while also maintaining its Ba2 backed senior secured bank credit facility rating and SGL-3 speculative grade liquidity rating. The outlook has been revised to negative from stable, reflecting the company's moderately high debt/EBITDA and weak cash flow generation through 2027.

Hyster-Yale is considered a top 10 player in the global lift truck market, with an installed base of over one million lift trucks and a broadening product slate. The company's shift to a modular product platform and investments in automation, telematics, and energy solutions are expected to benefit from favorable long-term demand fundamentals in the lift truck industry.

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