S&P affirms SPX

Standard & Poor's said it affirmed the BB+ ratings on SPX Corp.'s senior unsecured notes.

The ratings also were removed from CreditWatch, where they were placed with negative implications in August when SPX announced it will acquire ClydeUnion Pumps for about $1.15 billion.

The recovery rating remains at 3, indicating 50% to 70% expected recovery in a default.

The ratings reflect the company's fair business risk profile and significant financial risk profile, S&P said.

SPX's capacity for additional debt-funded acquisitions or share buybacks at the current rating is limited, the agency added.

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