S&P rates Cummins notes A

S&P said it rated Cummins Inc.’s planned senior unsecured notes A.

All other ratings, including the A senior unsecured rating, are unchanged, the agency said.

“We expect this transaction will be roughly leverage neutral because the company will use most of the proceeds to refinance existing debt and to provide liquidity for costs in connection with its recent emissions settlement. We also expect it will use any remaining proceeds for general corporate purposes,” S&P said in a statement.

The outlook remains stable.

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