S&P lowers Kennametal, debt to BBB-

S&P said it downgraded Kennametal Inc. and the issue-level ratings on its senior unsecured debt to BBB- from BBB.

The outlook is stable.

"The downgrade reflects our expectation that the weak conditions in Kennametal's energy, earthworks, and general engineering end markets (71% of its total sales) will persist in the near-term, making it unlikely that the company's credit measures will quickly recover to levels that are commensurate with a 'BBB' rating," S&P credit analyst James Siahaan said in a news release.

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