Moody's: Lennox to negative

Moody's Investors Service said it affirmed Lennox International Inc.'s senior unsecured rating at Baa3.

The outlook was revised to negative.

The outlook revision reflects the company's weaker than anticipated organic revenue growth, lower than anticipated margins and financial metrics that are below the targets anticipated, Moody's said.

Lennox's margins have been hurt by a change in sales mix toward lower-margin products and by higher commodity costs, the agency said.

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