...NEW YORK (S&P Global Ratings) Jan. 9, 2017--S&P Global Ratings said today that its ratings on Mueller Water Products Inc. (##-/Stable/--) are unchanged following the company's announcement that it has sold Anvil International, its piping system components business, for $315 million. Mueller's sale of Anvil International has had a modest impact on our view of the company's overall business. Specifically, we note that the sale of this business has moderately reduced the company's scale given that Anvil represented about 30% of Mueller's total revenue before the transaction. Nevertheless, we expect Mueller to sustain its good market position in its remaining core business while continuing to increase its revenue base through organic growth and bolt-on acquisitions. In addition, Anvil historically generated a lower EBITDA margin than Mueller's consolidated business and is exposed to highly cyclical non-residential construction end markets. Because of this sale, we expect that the volatility...
