S&P: Rexnord still on watch

Standard & Poor's said that its B+ corporate credit and its other ratings on Rexnord Corp. remain on CreditWatch negative.

Also on watch are Rexnord's B+ senior secured debt rating and B- subordinated debt rating.

The ratings were placed on CreditWatch on April 5 following the company's announcement that it signed a definitive agreement to purchase Falk Corp. from United Technologies Corp. (A/stable/A-1) for $295 million.

Rexnord has not publicly provided additional details regarding the acquisition. However, S&P said it has met with management to discuss the strategic implications of the Falk acquisition as well as Rexnord's financing plan.

© 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.