Timken's Outlook Upped to Positive on Better Opg Performance


Moody's Investors Service revised Timken's ratings outlook to positive from stable, reflecting improvements in the company's operating performance and leverage.

The action also considers Moody's (nyse: MCO - news - people ) view that the company's margin volatility may have been reduced due to the business transformation initiatives it has pursued in the past few years. At the same time, Moody's affirmed Timken's 'Ba1' corporate family rating.

Moody's said the Ba1 ratings reflect Timken's market position as a leading producer of tapered roller and needle bearings, its well-regarded reputation and long operating history, along with its moderate leverage and reduced pension underfunding.

However, the ratings incorporate Moody's concern over the ongoing poor operating performance of its automotive segment, which comprises a significant proportion of the company's end market exposure, low operating margins, and modest free cash flow.

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