Moody’s ups RBS, rates Rexnord Ba3

Moody's Investors Service said it upgraded its debt ratings of RBS Global, Inc., including its senior secured rating to Ba1 from Ba2 and senior unsecured rating to B1 from B3.

The agency also assigned parent company Rexnord Corp. a Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-1 speculative grade liquidity rating.

Moody’s withdrew the B1 corporate family rating, B1-PD probability of default rating and SGL-1 speculative grade liquidity on RBS Global.

The outlook is stable.

“The upgrades reflect our expectation of continuing steady operating earnings and cash flows through 2020 and the use of free cash flow for additional debt reduction, or acquisitions, rather than returns to shareholders in this timeframe,” the agency said in a news release.

© 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.