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Moody’s might lower Pentair
Moody's Investors Service said it placed all ratings of Pentair Finance SA under review for downgrade, including the Baa2 long-term and P-2 short-term ratings.
This review follows the company's announcement to acquire privately held Erico International Corp. in an all-debt transaction valued at about $1.8 billion.
The transaction is expected to close by year-end, subject to customary regulatory and shareholder approvals. Moody's anticipates that a downgrade, if any, would likely be limited to one-notch, to Baa3 and Prime-3, based on the expectation that the majority of Pentair's substantial free cash flow will be applied to debt reduction.
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