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29.07.2019 17:37:17

S&P downgrades Parker Hannifin by one notch to A-minus after latest aerospace deal

S&P Global Ratings downgraded Parker Hannifin's raing by one notch to A-minus on Monday, after the company announced plans to acquire Exotic Metals Forming Co. for $1.725 billion in cash. Exotic Metals makes components for engine and airframe systems. The deal comes after another aerospace play, the debt-funded acquisition of Lord Corp. for about $3.7 billion. S&P said the outlook is negative, because of the high debt leverage and the company's more aggressive financial policy. The agency is expecting leverage to increase to a mid-three times range by September and decline to about 3 times by the end of fiscal 2020 next June. Shares were down 0.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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