Mueller Water Products Inc.?s revenue and S&P Global Ratings-adjusted EBITDA continued to grow through fiscal 2025, (ended Sept. 30, 2025), translating to S&P Global Ratings-adjusted leverage improving to 0.5x at the end of 2025, compared with 1x as of the end of 2024. We forecast its S&P Global Ratings-adjusted leverage will remain well below 2.0x through fiscal 2027, incorporating our assumption for low-single-digit percent organic revenue growth, modest margin expansion, and a more active acquisition pipeline. As a result, we raised our issuer credit rating on Mueller to ?BB+? from ?BB?. At the same time, we raised our issue-level rating on its senior unsecured notes to ?BB+?. The recovery rating remains ?3?. The stable outlook reflects our expectation for the
