S&P shifts Range Parent view to positive

S&P said it revised the outlook on Range Parent Inc. to positive from negative and affirmed all its ratings, including the CCC+ issuer rating. Range Parent is the indirect holding company for Robertshaw Controls Co.

“The company reported a healthy expansion across multiple segments. Robertshaw has materially improved its sales from the low point it experienced during its first fiscal quarter ended June 30, 2020. The June quarter of 2021 marks the first time that the company increased its sales year-over-year since March 2020. In addition, during the most recent quarter the rate of improvement in its sales rose materially in multiple segments,” S&P said in a press release.

The outlook, the agency said, reflects the one-in-three chance it will raise its ratings on the company.

“This could happen if the global economic rebound continues without significant disruptions related to the delta variant; the conditions in Robertshaw's home appliance, heating, ventilation, air conditioning (HVAC), commercial, transportation, and aftermarket end markets are favorable; and the demand for the company's products increases,” S&P said.

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