Fitch: SPX outlook to evolving

Fitch Ratings said it affirmed the ratings on SPX Corp.'s senior unsecured debt and senior secured bank debt at BB and BB+, respectively. The outlook has been revised to evolving from stable.

Fitch said the outlook revision follows SPX's recently announced, separate agreements to sell BOMAG and Edwards Systems Technology for a combined $1.8 billion in cash.

SPX expects the transactions will be completed by the end of the first quarter of 2005 and has stated its intent to use proceeds from the sales to strengthen its balance sheet, pay down debt and buy back equity, according to Fitch.

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