Research Update: Range Parent Inc. Outlook Revised To Negative On Sustained Weakness In Credit Measures; Ratings Affirmed

Range Parent Inc.'s indirect operating subsidiary Robertshaw Controls Co. is experiencing soft demand stemming from a manufacturing slowdown, a sluggish domestic housing market, a weak European environment, and international trade tensions. Despite some enacted operational improvements and the potential for additional savings, the company's credit measures could remain weak. We are affirming all of our ratings, including our 'B' issuer credit rating, on Range Parent Inc. and are revising the outlook to negative from stable. The negative outlook reflects the one-in-three potential for lower ratings in the next year if Robertshaw's performance and financial policies prevent it from achieving and maintaining an adjusted debt-to-EBITDA ratio of less than 7.0x. The outlook revision to negative indicates S&P Global Ratings' view that

...- Range Parent Inc.'s indirect operating subsidiary Robertshaw Controls Co. is experiencing soft demand stemming from a manufacturing slowdown, a sluggish domestic housing market, a weak European environment, and international trade tensions. - Despite some enacted operational improvements and the potential for additional savings, the company's credit measures could remain weak. - We are affirming all of our ratings, including our 'B' issuer credit rating, on Range Parent Inc. and are revising the outlook to negative from stable. - The negative outlook reflects the one-in-three potential for lower ratings in the next year if Robertshaw's performance and financial policies prevent it from achieving and maintaining an adjusted debt-to-EBITDA ratio of less than 7.0x....

Research Update