New York, August 28, 2013 -- Joy Global's operating results are likely to soften significantly in fiscal 2014 due to diminished capital spending levels in the mining sector as a result of reduced demand, lower product prices and rising input costs. Mining companies are delaying new equipment purchases, maintenance and repair in the face of declining revenues and cash flows. However, the company has chosen to establish a $1 billion share repurchase program to be completed within three years. Moody's expects deteriorating operating results along with the share repurchase program to result in weaker credit metrics for the company, but does not expect it to result in a downward rating action unless operating results remain weak, Joy pursues more aggressive shareholder friendly initiatives or its metrics deteriorate more substantially. For further details please refer to the issuer comment dated August 28, 2013 and posted on www.moodys.com.

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