S&P: Rexnord unchanged

Standard & Poor's said its ratings and outlook on Rexnord Corp. (B/stable) are not affected by the company's announcement that it will acquire the plumbing and products business of Jacuzzi Brands Inc. for $950 million.

The agency said that this transaction will occur in conjunction with the purchase of Jacuzzi Brands by Rexnord's equity sponsor, Apollo Management LP for $1.25 billion.

The acquisition by Rexnord will be financed with additional borrowings and an equity infusion by Apollo and affiliates, S&P noted, adding that on a pro forma basis, Rexnord will remain highly levered, with debt to EBITDA of more than 7.0 times.

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