S&P rates SPX notes BB

Standard & Poor's said it assigned a BB senior unsecured debt rating to SPX Corp.'s proposed $500 million senior unsecured notes due 2014 and affirmed the BB+ corporate credit rating.

The outlook is stable.

Proceeds from the new debt will be used primarily to fund the previously announced acquisition of APV, which will be folded into SPX's flow technology segment.

The agency said the speculative-grade ratings on SPX reflect the company's weak business risk profile and aggressive financial risk profile.

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