Fitch affirms Flowserve

Fitch Ratings said it affirmed Flowserve Corp.'s issuer default rating and senior secured bank facilities at BB+.

The outlook has been revised to stable from positive.

The revision of the outlook reflects Fitch's view that an upgrade is less likely in the near term than had originally been anticipated.

Fitch noted that Flowserve's credit profile remains sound, however, and would support the current ratings even if metrics were to deteriorate modestly.

According to the agency, Flowserve's leverage remained low at Sept. 30; debt to EBITDA was 0.8 times while free cash flow to total adjusted debt was 29%.

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