Moody’s Rating Upgrades Manitowoc to B1 from B2

MILWAUKEE--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) is pleased to share that Moody's Ratings (Moody's) has upgraded the Company’s credit rating to B1 from B2, reflecting the Company’s solid operating performance.

“This upgrade is a testament of Manitowoc’s efforts to structurally reduce our exposure to cyclicality by deliberately targeting growth in the higher margin and more stable aftermarket parts and services and other non-new machine businesses via our CRANES+50 strategy,” said Aaron H. Ravenscroft, President and Chief Executive Officer.

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

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Ion Warner

SVP, Marketing and Investor Relations

+1 414-760-4805

Source: The Manitowoc Company, Inc.

FAQ

What is Manitowoc's new credit rating from Moody's?

Moody's Ratings has upgraded Manitowoc's (MTW) credit rating to B1 from B2.

What strategy is Manitowoc implementing to reduce cyclicality?

Manitowoc (MTW) is implementing the CRANES+50 strategy, focusing on growth in higher margin aftermarket parts and services and other non-new machine businesses to reduce cyclicality exposure.

How has Manitowoc's operating performance been described in the recent credit rating upgrade?

Manitowoc's (MTW) operating performance has been described as solid in the recent credit rating upgrade by Moody's.

What areas is Manitowoc targeting for growth according to the press release?

Manitowoc (MTW) is targeting growth in higher margin and more stable aftermarket parts and services, as well as other non-new machine businesses.