S&P Global Ratings downgraded its ratings on Range Parent Inc., including its issuer credit rating to B-.
The outlook is stable.
The downgrade reflects Ratings' view that factors such as a manufacturing slowdown and weak appliance demand may keep the leverage ratio of its indirect operating unit, Robertshaw Controls Co., from improving meaningfully within the next year, despite the company's efforts on cost control and potential for some reduction in debt leverage.
Additionally, the stable outlook is based on the rating agency's view that Range Parent will retain adequate liquidity and keep credit measures appropriate for the rating through continuous improvement savings and the roll-off of prior incurred costs.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.