Moody’s stabilizes Parker-Hannifin view

Moody’s Investors Service said it changed its outlook for Parker-Hannifin Corp. to stable from negative and affirmed the company’s Baa1 senior unsecured rating.

“The rating affirmation and stable outlook reflect Moody's expectation that management will utilize free cash flow to meaningfully reduce debt following the September 2022 acquisition of Meggitt plc (Meggitt) and bring leverage towards pre-acquisition levels over the next year, while maintaining a conservative financial posture.

“Moody's also anticipates Parker will realize operating performance improvement even as order rates in its industrial business moderate amid the broad economic slowdown, and that the integration of Meggitt will continue progressing to plan,” the agency said in a statement.

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