S&P cuts FR Flow Control

S&P said it lowered the ratings for FR Flow Control Midco Ltd. and its revolving credit facility and first-lien term loan B to B- from B and its first-lien term loan C to B+ from BB-.

“We believe reduced energy market investment and industrial spending will lead to shrinking flow-control equipment orders and margin pressure. Roughly 27% of FR Flow Control's revenue is derived from the oil and gas industry, with about 11% upstream and 16% downstream exposure,” said S&P in a press release.

The outlook is negative.

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