Moody’s rates Air Products notes A2

Moody's Investors Service said it assigned A2 ratings to Air Products and Chemicals, Inc.'s new senior unsecured debt due 2029, 2031 and 2034.

The company’s other A2 senior unsecured debt ratings are unchanged, the agency said.

"Air Products is investing in a number of large-scale projects, including several green and blue hydrogen facilities, plus we expect continued investment in its much larger and more traditional gases business; this will result in capital expenditures peaking in 2024 and credit metrics remaining weaker than required for the A2 ratings by the end of in 2024 and 2025," stated John Rogers, a senior vice president at Moody's and lead analyst on Air Products, in a press release.

"Our current expectation is that post-2025 credit metrics will improve materially and come back in line with the A2 rating," Rogers added.

The proceeds will be used to finance planned capital expenditures and investments.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.