S&P boosts Ingersoll Rand

S&P said it raised Ingersoll Rand Inc.’s issuer and debt ratings to BBB- from BB+.

“Despite recent acquisitions and the initiation of shareholder returns, we expect leverage to remain very low relative to similarly rated peers. Strong operating performance in 2022 allowed Ingersoll Rand to maintain low leverage at 1.1x debt to EBITDA on an S&P Global Ratings-adjusted basis. In late 2021 the company articulated a financial policy of maintaining net debt to EBITDA of less than 2x (as per the company's calculation). Since initiating the policy, the company remained well below that level of leverage,” the agency said in a press release.

S&P is forecasting the company to deliver “continued modest organic growth in 2023.”

The outlook is positive.

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