Moody's affirms Emcor ratings, takes stable view

Moody's Investors Service affirms Emcor ratings, shifts to stable outlook

• On 4:16 pm EDT, Friday October 23, 2009

NEW YORK (AP) -- Moody's Investors Service on Friday affirmed its credit ratings for Emcor Group Inc. and now holds a stable outlook on the industrial construction company.

Moody's affirmed its "Ba1," non-investment grade, corporate credit rating the on the company. It also shifted its outlook to stable from positive.

"The outlook revision reflects that Emcor is unlikely to be upgraded in the next 12 to 18 months given the projected deterioration in the company's end markets, as a large portion of Emcor's sales are exposed to the weakening non-residential construction market," Moody's said, in a statement.

"At the same time, the stable outlook reflects that the company is currently well positioned in its rating category," Moody's said.

Shares of Emcor, which is based in Norwalk, Conn., fell 90 cents, or 3.6 percent, to $23.83 in afternoon trading. The stock has traded between $11.17 and $26.38 over the past 52 weeks.