Moody’s revises Weir outlook to negative

Moody's Investors Service said it changed the outlook on the Baa1 long-term issuer rating of Weir Group plc to negative from stable.

Concurrently, the agency affirmed the Baa1 long-term issuer rating as well as the short-term Prime-2 rating of the commercial paper program.

"Today's rating action reflects the increasing risk that amidst a severe economic downturn in some of its end markets, Weir's credit metrics, its leverage in particular, may remain sustainably weaker than expected by Moody's for the Baa1 rating category," Martin Fujerik, Moody's lead analyst for Weir, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.