Moody's rates Air Products notes A2

Moody's Investors Service said it assigned an A2 rating to the $300 million of senior unsecured notes due 2016 of Air Products and Chemicals, Inc.

The proceeds from the offering will likely be used to reduce short-term debt and for general corporate purposes.

The outlook is stable.

While Air Products experienced a modest sequential decline in operating profit in its latest quarter, its performance is well ahead of the prior year level and is expected to continue to improve over the next year, Moody's said.

The fundamentals of the industrial gas market remain strong and support organic growth well above GDP, the agency said.

But, elevated capital spending over the next several years is expected to moderately reduce financial flexibility, Moody's said.

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