Fitch affirms Flowserve

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

The outlook is stable.

The ratings are supported by the company's solid credit profile, strong operating performance, good liquidity and growth opportunities in the flow control segment, Fitch said.

Rating concerns include the company's declining margins due to higher raw material costs and the impact of project delays, Fitch said, along with seasonal cash generation and heavy cash requirements to support large swings in working capital.

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