S&P moves Crane view to stable

S&P said it changed Crane Co.’s outlook to stable from negative and affirmed its BBB rating.

“Broad economic recovery has supported a rebound in Crane's businesses, particularly within its process flow technologies segment and Crane Currency business. Process flow technologies revenues are up about 20% year-to-date compared to last year, and we expect continued growth and favorable foreign exchange to result in a low-single-digit growth this year over 2019. This is supported by the growth in the segment's backlog and recovery of key end markets such as specialty chemicals,” S&P said in a press release.

The revised outlook reflects an expectation that continued improvement in Crane's diverse end markets will enable it to keep adjusted debt leverage below the 2.5x.

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