S&P ups Zurn bank loans

S&P said it upgraded the ratings for Zurn LLC’s bank loans BB+ from BB and revised the recovery ratings to 2 from 3.

Zurn Water Solutions Corp. merged with Elkay Manufacturing to create Zurn Elkay Water Solutions Corp. with projected pro forma revenue of about $1.4 billion compared with about $910 million in 2021 after Zurn's spin-off of its process and motion control business. The agency affirmed Zurn’s BB issuer rating.

The higher recovery rating reflects a higher emergency value against relatively stable debt, the agency said.

The outlook is stable.

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