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S&P cuts Parker-Hannifin
S&P said it lowered its ratings on Parker-Hannifin Corp. and the company’s senior unsecured notes to BBB+ from A-.
“The downgrade reflects our expectation for slower deleveraging, given weakness in the short-cycle industrial vertical and severe global macroeconomic weakness due to Covid-19,” said S&P in a press release.
The outlook is negative.
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