S&P rates Rexnord loan B+

Standard & Poor's said it affirmed its B+ corporate credit rating and B- subordinated debt rating on Rexnord Corp. and removed the ratings from CreditWatch, where they were placed with negative implications on April 5.

S&P also assigned a B+ senior secured rating and recovery rating of 3 to the company's new $312 million incremental term loan B due December 2011.

The outlook is stable.

According to S&P, the speculative-grade ratings on Rexnord reflect its vulnerable financial profile, sufficient financial flexibility and its fair business risk profile as a leader within a variety of niche industrial markets.

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