S&P Affirms Ratings, Outlook on Trimble (TRMB); Sees Relatively Small Exposure to Cyclical, Fragmented Markets

October 27, 2016 2:11 PM EDT

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S&P Global Ratings today said it affirmed its 'BBB-' corporate credit rating on Trimble Inc. (Nasdaq: TRMB). The outlook remains stable.

At the same time, we affirmed our 'BBB-' issue-level ratings on the company's senior unsecured notes.

"The rating reflects Trimble's leading position in productivity solutions for large end markets and strategic alliances with original equipment manufacturers," said S&P Global Ratings credit analyst Andrew Yee.

The company's exposure to cyclical and fragmented markets and relatively small recurring revenue base are offsetting factors.

The stable outlook reflects our view that the company will maintain its market position within its engineering and construction segment and manage debt leverage in the low to mid-2x area.

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