Moody's: Timken up to stable

Moody's Investors Service said it affirmed The Timken Corp.'s Ba1 senior implied and senior unsecured ratings and changed the outlook to stable from negative.

Moody's said the change in the outlook is based on the company's improved operating performance and positive affect on financial metrics, the success in achieved integration related synergies from the Torrington acquisition and a more favorable outlook for the company's industrial and steel segments over the near and intermediate term.

The stable outlook is predicated on Moody's expectation the company will decrease its reliance on a poorly performing North American auto manufacturing sector relative to the more robust performance of the industrial segment and the portion of the steel segment that is not dependent on North American automotive.

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