Earnings
Fitch Upgrades Flowserve To "BB+" On Rising Demand
The Associated Press
05/11/09 - 03:36 PM EDT
NEW YORK (AP) — Fitch ratings upgraded Flowserve Corp.'s issuer default rating and its senior secured bank facilities due to improved demand for the pump and valve maker's products, increasing profit margins and the company's attention to cost controls.
Both were upgraded from "BB" to "BB+", the highest junk-grade rating just below investment grade, Fitch said. As of the close of March, Flowserve had about $569 million of debt outstanding, including $548 million under a bank term loan. Fitch revised its rating outlook to "Stable" from "Positive."
Shares of the company fell $2.31, or 3.1 percent, to $72.07 in afternoon trading.