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S&P may lift Thermon
Standard & Poor's said it placed its B+ corporate credit rating on Thermon Industries Inc. on CreditWatch with positive implications.
The agency said the rating action was related to the announcement that parent company Thermon Groups Holdings Inc. is planning a secondary stock offering of 10 million shares.
"The CreditWatch placement reflects the potential for less aggressive financial policies if Thermon's private equity sponsor reduces its stake in the company in line with terms of the secondary offering announcement," said S&P credit analyst Sarah Wyeth in a news release.
"Credit measures are currently better than our expectations for the rating as a result of good operating performance and debt reduction."
On closing of the transaction, S&P said it could raise the ratings one notch to BB-, remove the ratings from CreditWatch and assign a stable outlook.
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