Moody’s downgrades Dover debt to A3

Moody's Investors Service said it downgraded Dover Corp.’s senior unsecured debt to A3 from A2 and short-term rating to P-2 from P-1.

The outlook is stable.

"Unfavorable conditions in several of Dover's operating segments are likely to continue to pressure the company's sales and profits down, especially in its energy-related businesses which is about 20% of revenue," Moody’s vice president, senior credit officer Chris Wimmer said in a news release.

"Moreover, the planned $780 million acquisition of Wayne Fueling Systems is expected to be mostly debt financed, resulting in higher than anticipated financial leverage."

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