Fitch affirms Flowserve

Fitch Ratings said it affirmed Flowserve Corp.'s issuer default rating and senior secured bank facilities at BB and revised the outlook to positive from stable.

The agency said that Flowserve's ratings are as follows: issuer default rating at BB and senior secured bank facilities at BB.

Fitch noted that the positive outlook reflects Flowserve's improving operating performance, substantial progress toward resolving concerns about contingent litigation liabilities and financial reporting and Fitch's expectation that the company intends to maintain disciplined financial policies that should help it to sustain improved credit measures.

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