S&P rates Rexnord facility B+

Standard & Poor's said it assigned a B+ rating and 3 recovery rating to Rexnord LLC's proposed $2.215 billion senior secured credit facility, composed of a $1.95 billion senior secured term loan due 2020 and a $265 million revolving credit facility due 2017.

S&P also affirmed its other ratings, including its B+ corporate credit rating.

The outlook is stable.

The ratings reflect an expectation that Rexnord's credit measures will continue to improve to levels appropriate for the rating in the next year, said Dan Picciotto, an S&P analyst.

Rexnord intends to use proceeds to retire its outstanding $1.145 billion 8½% unsecured notes and the debt outstanding under its existing term loan due 2018.

The agency said it anticipates continued credit-measure improvement despite mixed conditions for Rexnord's segments.

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