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Crane Co. -- Moody's places Crane's ratings under review for downgrade

This rating action follows the announcement that Crane has launched a hostile take-over bid to acquire CIRCOR International, Inc. (B2, Stable) ("CIRCOR") in a transaction that would be valued at more than $1.7 billion. The review for downgrade reflects the uncertainty regarding timing, transaction execution, price, integration risks and financial leverage resulting from the proposed acquisition of CICOR. The review process will focus on Crane's financial profile, ability to deleverage following the proposed acquisition and potential synergies.