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Published on 11/3/2022 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Fitch assigns Regal Rexnord BBB-

Fitch Ratings said it assigned Regal Rexnord Corp. (RRX) a first-time long-term issuer default rating at BBB-. The outlook is stable.

“The rating reflects RRX's market-leading position in powertrain solutions and electric motors, exposure to diversified, secular end markets and sticky aftermarket business which in turn generate strong FCF. It also reflects our expectation of temporarily higher leverage driven by the debt-funded acquisition of Altra Industrial Motion Corp. (Altra) and associated integration risk. The management is committed to a long-term net leverage target of 2x-2.5x, which is commensurate with the investment-grade category,” Fitch said in a press release.


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