Moody's confirms Cooper senior unsecured

Moody's Investors Service said it confirmed the senior unsecured rating of Cooper Industries Ltd. at A3.

The company had been under review for possible upgrade, but given the challenging global economy, anticipated lower demand, and foreign exchange challenges, Moody's said it believes an A3 rating is warranted at this time.

The company's Prime-2 commercial paper rating was also confirmed and the outlook is stable, the agency said, noting that this concludes Moody's review for possible upgrade, which began on June 26.

The A3 rating reflects the company's position as one of North America's leading suppliers of electrical products, its broad product platform and brand strength, its stable operating margins, modest leverage, strong cash flow generating capability throughout the business cycle, and strong liquidity profile, Moody's said.

© 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.