S&P ups Rexnord outlook to stable

Standard & Poor's said it affirmed its ratings, including the B corporate credit rating, on Rexnord LLC.

At the same time, the agency said it revised the outlook to stable from negative.

"The outlook revision reflects its expectation that Rexnord is likely to continue to improve credit measures this year despite mixed end-market conditions," said S&P credit analyst Dan Picciotto.

"While Rexnord remains highly leveraged, the company made progress on extending its debt maturity profile earlier this year through a $1.145 billion senior unsecured note offering and has maintained adequate liquidity."

The agency said it expects somewhat difficult conditions for the company's water management platform to be offset by a better environment for its process and motion control platform.

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