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Gardner Denver, Inc. -- Moody's affirms Gardner Denver's CFR at Ba3 following planned combination with Ingersoll Rand's Industrial segment; outlook positive

Moody's Investors Service ("Moody's") affirmed the ratings of Gardner Denver, Inc. ("Gardner Denver," or "the company") including its Ba3 and Ba3-PD Corporate Family Rating ("CFR") and Probability of Default Rating, respectively, Ba3 senior secured rating and SGL-1 Speculative Grade Liquidity rating, following the announcement that it has entered into a definitive agreement to be combined with the Industrial business of Ingersoll-Rand Plc. The outlook is positive. The proposed combination is being structured as a Reverse Morris Trust transaction with Gardner Denver combining with Ingersoll-Rand's Industrial business for an implied approximate 11.0x EBITDA multiple (excluding synergies).