Moody’s rates Air Products notes A2

Moody's Investors Service said it assigned an A2 rating to the proposed $400 million of new senior unsecured notes due 2024 of Air Products & Chemicals, Inc.

Proceeds will be used for general corporate purposes, including repayment of commercial paper outstanding.

The outlook is stable.

"Despite our stable outlook, Air Products is weakly positioned in the A-rating category. We believe that the company's elevated capital spending is reducing its financial flexibility; pro forma for this new issuance we expect to Air Product's gross debt to remain around current levels," Anthony Hill, Moody's vice president - senior credit officer and lead analyst for Air Products, said in a news release.

Moody’s said Air Products' A2 rating is supported by the company's leading position as a global supplier of industrial gases.

The company is the second largest supplier of industrial gases in North America and amongst the largest globally. It is also a leading supplier of specialty gases to the global electronics and semiconductor industry, as well as largest supplier of hydrogen to the refinery industry, the agency said.

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