S&P lifts Pentair

Standard & Poor's said it raised its ratings on Pentair Inc., including the corporate credit rating, to BBB from BBB-.

The agency said it removed the ratings from CreditWatch, where they were listed with positive implications on March 28 and assigned a stable outlook.

Subsequently, the agency said it withdrew the corporate credit rating on Pentair Inc. and assigned a BBB corporate credit rating to the newly formed parent company, Pentair Ltd.

The agency also affirmed its BBB issue-level rating on the company's senior secured debt. The outlook is stable.

S&P said the upgrade follows the completion of Pentair Inc.'s merger with Tyco International Ltd.'s flow control business.

"In our view, the additional diversity, scale and scope of the combined entity support a stronger business risk profile than Pentair Inc. on a stand-alone basis," said S&P credit analyst Sarah Wyeth in a news release.

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