S&P upgrades Flowserve

Standard & Poor's said it raised the rating on Flowserve Corp. to BBB- from BB+.

The upgrade recognizes the good performance at Flowserve, S&P said.

The outlook is stable, reflecting the company's strong operating metrics and an expectation that the steady performance will continue over the next couple of years, the agency said.

S&P also said it raised the ratings on Flowserve's existing secured credit facility to BBB-. The agency said it withdrew the 3 recovery rating because it does not have recovery ratings on issues of investment-grade companies.

The company's financial policy remains disciplined, S&P said, and management now has articulated a clear leverage target in the range of 1x to 2x gross debt-to-EBITDA, the agency said.

© 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.