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Bulletin: SPX Corp. Ratings Are Unaffected By The Sale Of The Company's Service Solutions Segment Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 24, 2012--Standard & Poor's Ratings Services said today that its ratings and outlook on Charlotte, N.C.-based industrial machinery manufacturer SPX Corp. (BB+/Negative/--) are not affected by the company's announcement that it has agreed to sell its service solutions business to Robert Bosch GmbH for $1.15 billion. The company intends to use about $350 million of the proceeds to reduce debt, at least $350 million to repurchase shares, and the remainder for acquisitions or share repurchases. Pro forma for the divestiture and debt reduction and the company's recent debt-funded acquisition of ClydeUnion Pumps, we expect funds from operations to adjusted debt to be about 20% at the end of 2012, slightly worse than our expectation...
Companies mentioned in this report are: SPX Corp.,Robert Bosch GmbH
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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