Moody's affirms Airgas

Moody's Investors Service said it affirmed Airgas Inc.'s issuer rating at Baa2.

The outlook is stable.

The issuer rating reflects the company's leading market share in packaged gases in North America, increasing customer density due to bolt-on acquisitions and the stability of its earnings and cash flow, Moody's said.

The company's stable financial performance is largely due to an annuity-like rental income from its cylinders and tanks, the agency said, as well as high margin gas sales.

The rating is tempered by concern about the potential magnitude of additional share repurchases or any other increase in shareholder remuneration, Moody's said.

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