Fitch raises Flowserve

Fitch Ratings said it has upgraded Flowserve Corp.'s issuer default rating, senior unsecured bank facilities and senior unsecured notes to BBB from BBB-.

The outlook is stable.

About $900 million of long-term debt is covered by the ratings, the agency said.

Fitch noted that the rating upgrade reflects strong credit metrics of the company and solid operating performance which includes improving margins and strong free cash flow generation.

Debt/EBITDA remained within the lower half of Flowserve's target range of 1.0x to 2.0x, which provides flexibility at the current rating level, the agency said.

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