Moody's ups Flowserve

Moody's Investors Service said it upgraded Flowserve Corp.'s corporate family rating to Ba1 from Ba2, probability of default rating to Ba2 from Ba3 and the rating on its senior secured credit facility to Baa3 (LGD 2, 19%) from Ba1 (LGD2, 18%).

The outlook is stable.

The upgrade reflects the company's demonstrated ability to produce robust operating results through challenging market conditions while maintaining strong credit metrics, Moody's said.

Its performance compared favorably to diversified manufacturing peers and contributed to further improve the company's already strong key credit metrics and its excellent liquidity position, the agency said.

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