S&P: Kennametal up to stable

Standard & Poor's said it revised its outlook to stable from negative and affirmed its BBB corporate credit and senior unsecured debt ratings on Kennametal Inc. following the company's announcement of second-quarter earnings for the fiscal year ending in June.

The outlook revision reflects S&P's view that the company's credit profile will continue to improve for the remainder of fiscal 2005 as end markets continue to show gains.

The company's announced acquisition of Extrude Hone Corp. for $137 million is expected to only briefly slow, but not reverse, Kennametal's improving credit profile, according to S&P. Extrude Hone's sales growth and margins have been characterized as well above those of the base Kennametal business.

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