S&P rates Cummins notes A

Standard & Poor's said it assigned an A rating to Cummins Inc.'s proposed senior unsecured note issues maturing in 2023 and 2043.

The agency also assigned a preliminary A rating to the company's shelf filing of debt.

The A corporate credit rating and stable outlook remain unchanged.

The proceeds will be used from these issues to prefund planned acquisitions of partially owned U.S. and Canadian distribution businesses over the next few years, as well as for general corporate purposes, S&P said.

The company's credit metrics are currently exceptionally strong, providing the company substantial debt capacity for acquisitions without negative rating implications, the agency said.

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