Moody's rates Corning notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Corning Inc.'s new unsecured notes due 2048 and 2068.

The issuance does not impact other ratings of Corning, including the Baa1 senior unsecured or P-2 short-term ratings.

The outlook is stable.

The ratings reflect the company's scale and market leadership in the specialty glass and ceramics industry, Moody's said, and the barriers to entry because of Corning's substantial investment in capital assets and research and development to protect and further develop the technology.

Corning also benefits from long-term purchase contracts with its well-established customers, although there is significant customer concentration in end-markets where product purchases are discretionary, the agency said.

Pricing pressure is also expected to continue, Moody's noted.

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