Moody’s lowers Actuant, notes

Moody's Investors Service said it downgraded Actuant Corp.’s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD and senior unsecured notes due 2022 to B1 from Ba3.

The speculative grade liquidity rating was upgraded to SGL-2 from SGL-3.

The outlook was changed to stable from negative.

"Headwinds in the company's energy business are expected to continue to pressure operating results over the near-term, although positive momentum in the company's industrial and engineered solutions business segments as well as a good liquidity profile solidly position the company at the Ba3 CFR," Moody's analyst Gigi Adamo said in a news release.

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