S&P upgrades Flowserve

Standard & Poor's said it raised Flowserve Corp.'s corporate credit rating and $1 billion bank loan to BB from BB-. The recovery rating on the loan remains unchanged at 3.

The outlook is positive.

The agency said the upgrade reflects the company's continued better-than-expected performance and adherence to disciplined financial and acquisition policies.

The ratings on Flowserve reflect the company's satisfactory business risk profile and somewhat aggressive financial risk profile, S&P said.

The positive outlook takes into account the company's satisfactory business risk profile and the agency's view that it could raise the rating by one notch if metrics continue to exceed expectations in good end markets.

© 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.