S&P puts Rexnord on watch

S&P said it placed all its Rexnord LLC ratings on CreditWatch with negative implications.

The CreditWatch follows Rexnord’s announcement it plans to spin-off its process and motion control business because the agency said the spinoff will weaken its credit profile.

“We expect to resolve the CreditWatch negative placement when we have fully assessed the transaction’s effects on the company’s business, its financial position, and the likelihood that it will close as proposed (currently expected to close in the fourth quarter of calendar year 2021),” S&P said in a press release.

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