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Moody's rates Air Products notes A2
Moody's Investors Service said it assigned an A2 rating to Air Products and Chemicals, Inc.'s senior unsecured notes due 2020.
Proceeds from the offering will be used to reduce short-term debt, maturities of long-term debt or for general corporate purposes.
The outlook is stable.
"The weak growth in earnings and cash flow, combined with share repurchases earlier in the fiscal year, have stressed credit metrics," Moody's senior vice president John Rogers said in a news release. "Any significant share repurchases or debt financed acquisitions prior to a recovery in financial metrics would likely have a negative impact on the outlook or rating."
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