Moody’s rates FR Flow revolver B3

Moody’s Investors Service said rated FR Flow Control Luxco 1 Sarl’s new revolving credit facility due 2025, connected with an amendment of its credit agreement B3.

“The B3 rating on the existing revolving credit facility due 2024 remains unchanged and will be withdrawn upon amendment close. The Ba3 rating on the cash-collateralized, senior secured term loan C (of $70 million) also remains unchanged and will be withdrawn upon repayment, following the close of Flow Control's issuance of a new $70 million performance letter of credit facility,” the agency said in a press release.

Moody's also changed the outlook to positive from stable. The outlook reflects an expectation of revenue growth and cost-cutting actions, including procurement efficiencies, to support steady margin and improved earnings into 2022, the agency said.

Concurrently, Moody’s affirmed Flow Control’s B3 corporate family rating, B3-PD probability of default rating and B3 senior secured term loan rating.

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