Moody's assigns Baa1 to Corning notes

Moody's Investors Service said it assigned a Baa1 rating to Corning Inc.'s planned €800 million senior unsecured notes offering.

“There is no change to the company's existing Baa1 senior unsecured ratings, (P)Baa1 senior unsecured MTN program ratings, P-2 commercial paper rating or stable outlook,” Moody’s said in a press release.

The proceeds will be used for general corporate purposes.

“Moody's notes that Corning has no material debt maturities in the next five years–the largest maturity is $284 million in 2024. Other cash uses in 2023 include capex that will be slightly less than the $1.6 billion spent in 2022 and its dividend of about $950 million,” the agency said.

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