Moody’s upgrades Gardner Denver

Moody's Investors Service said it upgraded its ratings for Gardner Denver, Inc., including the company's corporate family rating and probability of default rating, to Ba2-PD from Ba3-PD, and the rating for its senior secured bank debt to Ba2 from Ba3.

The speculative grade liquidity rating remains SGL-1.

The outlook is stable.

“The upgrades broadly reflect Gardner Denver's improved financial profile, with leverage approximating the low-3.0x range or better and EBITDA margins remaining above 20%, and a stronger perceived business profile pro forma for the pending acquisition of Ingersoll-Rand's industrial segment, which will more than double the company's revenue base,” the agency said in a news release.

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