S&P: Rexnord on positive watch

Standard & Poor's said it placed its ratings, including the B corporate credit rating, on Rexnord LLC on CreditWatch with positive implications.

"The CreditWatch placement reflects our view that the likelihood of an IPO has increased following the company's most recently amended S-1 registration statement with the SEC. The latest update includes a pricing range for shares," said S&P credit analyst Dan Picciotto in a news release.

"If Rexnord completes its IPO and continues to indicate its intention to repay subordinated debt with a portion of proceeds, we would expect to raise the ratings by one notch," Picciotto said.

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