Mueller Water Products Inc.'s Proposed $425 Million Senior Unsecured Notes Due In 2026 Rated 'BB' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) June 6, 2018--S&P Global Ratings today assigned its 'BB' issue-level and '3' recovery ratings to Atlanta-based Mueller Water Products Inc. proposed $425 million senior unsecured notes due in 2026. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a default. The company plans to use the proceeds from this issuance to repay its term loan B. The 'BB' corporate credit rating and stable outlook on Mueller are unchanged. Mueller Water manufactures products used in the transmission, distribution, and measurement of water. The company's products include fire hydrants, valves, and meters used in water infrastructure, flow control, and leak detection primarily in the U.S. and Canada. For

...NEW YORK (S&P Global Ratings) June 6, 2018--S&P Global Ratings today assigned its '##' issue-level and '3' recovery ratings to Atlanta-based Mueller Water Products Inc. proposed $425 million senior unsecured notes due in 2026. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a default. The company plans to use the proceeds from this issuance to repay its term loan B. The '##' corporate credit rating and stable outlook on Mueller are unchanged. Mueller Water manufactures products used in the transmission, distribution, and measurement of water. The company's products include fire hydrants, valves, and meters used in water infrastructure, flow control, and leak detection primarily in the U.S. and Canada. For the complete rating rationale, see our most recent research update, published March 16, 2018. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors: + The '3' recovery rating on Mueller Water Products' senior...

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