S&P: Pall outlook stable

Standard & Poor's said it affirmed the BBB corporate credit rating on Pall Corp. and revised the outlook to stable from negative, and raised its short-term rating to A-2 from A-3.

S&P said the rating reflects its expectation that following the restatement of Pall's prior period financials and the company's return to compliance with its lending agreements and securities reporting requirements, Pall will maintain a credit profile consistent with the rating.

Ratings reflect Pall's financial profile, which is marked by adequate credit protection measures but tempered by uncertainty associated with the company's pending tax audit, ongoing investigations and related litigation matters, the agency said.

Ratings also reflect a strong business position, competitive advantages and predictable, high-margin revenue stream, offsetting exposure to certain cyclical end markets, S&P said.

The issuer's adjusted total debt-to-EBITDA ratio as of Jan. 31 was about 1.9 times.

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