2023-03-21 17:54:22 ET
Ingersoll Rand ( NYSE: IR ) settled +3.7% in Tuesday's trading after S&P Global Ratings upgraded the company's credit rating to BBB- , which is S&P's lowest investment grade rating, from BB+, and maintaining a positive outlook.
"The contribution of recent acquisitions and our expectation for Ingersoll Rand to remain acquisitive should boost revenue growth to the 10% area this year," S&P said. "Despite recent acquisitions and the initiation of shareholder returns, we expect leverage to remain very low relative to similarly rated peers."
Ingersoll Rand ( IR ) shares reached a 52-week high of $60.36 two weeks ago .
The company should benefit from its bolt-on acquisition strategy, which management says will add 400-500 bps to revenue growth, GS Analytics writes in an analysis posted recently on Seeking Alpha .
For further details see:
Ingersoll Rand credit rating raised off 'junk' territory by S&P