Fitch affirms SPX

Fitch Ratings said it affirmed SPX Corp.'s issuer default, senior secured bank debt and senior unsecured debt ratings of BB+.

The outlook is stable.

Ratings consider SPX's geographic and product diversification, solid demand in many of its infrastructure and energy markets, and consistent execution of its operating and financial strategies, the agency said.

SPX's stated policy is to maintain a gross debt-to-EBITDA ratio within a range of 1.5 times to 2 times. At March 29, it was 2.2 times.

Concerns include occasional increases in leverage related to acquisitions, integration risk at acquired businesses, competitive end-markets and weak demand from North American automotive customers, the agency noted.

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