Moody's: Pentair outlook negative

Moody's Investors Service said it affirmed Pentair Inc.'s Baa3 senior unsecured rating but changed the outlook to negative from stable.

The action follows Pentair's weaker-than-expected first quarter results and its downward revision to its 2009 guidance that includes a material reduction to expected revenues, according to the agency.

The company was assigned a Baa3 senior unsecured issuer rating.

Pentair's Baa3 rating reflects its strong market position with leading products that are sold into an assortment of end markets globally, the agency said.

The rating recognizes Pentair's meaningful exposure to recurring replacement revenues, which should provide a degree of support to its earnings, Moody's said.

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