S&P stabilizes FR Flow outlook

S&P said its outlook on FR Flow Control Midco Ltd. to stable from positive and affirmed the B- ratings on the issuer and its senior secured credit facilities. The recovery rating on the senior secured credit facilities (rounded estimate: 50%) remains 3.

FR Flow Control faced cost inflation, supply chain issues, and foreign-exchange headwinds, and the agency said it forecasts S&P Global Ratings-adjusted leverage at year-end 2022 in the low-7x area, pro forma for full-year contribution from the acquisition of Termomeccanica Pompe (TMP).

However, S&P said it forecasts FR Flow Control’s S&P Global Ratings-adjusted leverage will improve to the 6x area during the next 12 months.

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