Moody’s changes Dover to negative

Moody's Investors Service said it changed the outlook for Dover Corp.’s ratings to negative from stable and affirmed all ratings, including its A3 senior unsecured and Prime-2 short-term ratings.

The agency said it changed the outlook after the company's announced plans to return all proceeds following spin off its energy business (Well Site) to shareholders.

"While the spinoff of Well Site has the potential to reduce revenue volatility, Moody's views the planned use of proceeds to be indicative of a move towards a more aggressive financial policy," David Berge, Moody’s senior vice president and lead analyst for the company, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.