...May 18, 2021 NEW YORK (S&P Global Ratings) May 18, 2021--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to Atlanta-based Mueller Water Products Inc.'s proposed $450 million senior unsecured notes due 2029. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. The company plans to use the proceeds from this issuance to repay its existing unsecured notes. Our '##' issuer credit rating and stable outlook on Mueller are unchanged. Our ratings incorporate our view that the company will maintain strong profitability and solid credit metrics because of the favorable secular trends in the municipal utilities market, which is somewhat offset by its smaller scale and high geographic and customer concentrations. Mueller manufactures products used in the transmission, distribution, and measurement of water. The company's products include fire hydrants, valves, pipe repair products,...
