S&P upgrades Rexnord

Standard & Poor's said it raised its ratings on Rexnord LLC, including the corporate credit rating to BB- from B+.

The outlook is stable.

The recovery ratings on the company's senior secured credit facilities and senior unsecured notes remain unchanged.

"The upgrade reflects Apollo Management L.P. and its affiliates' reduced ownership of publicly traded Rexnord Corp. (Rexnord LLC's ultimate parent) to about 42% from about 56% and our view that Rexnord's good operating performance will support continued credit measure improvement," S&P credit analyst Dan Picciotto said in a news release.

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