S&P assigns Cummins notes A+

S&P said it assigned its A+ issue-level rating to Cummins Inc.'s proposed senior unsecured notes.

“For the purposes of our analysis, we assume that the company will issue between $1.5 billion and $2 billion of these notes in multiple tranches due 2025, 2030 and 2050,” S&P said in a press release.

The agency said it expects Cummins to use the proceeds to repay a portion of its commercial paper and hold the rest for added liquidity.

“Therefore, we expect the transaction to be largely leverage neutral,” S&P said.

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