S&P lifts Rexnord to positive

Standard & Poor’s said it revised the outlook on Rexnord LLC to positive from stable and affirmed its BB- corporate credit rating.

The outlook revision reflects the prospects for improved credit measures, S&P said.

Apollo Management LP and its affiliates have reduced ownership of publicly traded Rexnord Corp., which is Rexnord’s ultimate parent, to about 24% from about 42%, the agency said.

Apollo’s ownership in Rexnord Corp. has declined to the point where the agency said it longer considers Rexnord’s financial risk profile to be limited by the financial sponsor’s influence on the company.

However, the company’s credit measures remain somewhat elevated, including debt-to-EBITDA of 4.5x, S&P said.

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