Moody's rates Eaton notes A2

Moody's Investors Service said it assigned A2 ratings to Eaton Corp.'s public offering of $750 million of senior notes involving both five- and 10-year maturities.

The notes were issued pursuant to Eaton's shelf registration which is filed with the U.S. Securities and Exchange Commission, the agency said, noting that the terms and conditions of the notes are consistent with other debt issued under the indenture, except for the inclusion of a change in control provision.

Proceeds of the issuance are expected to be used to repay commercial paper backstopped by Eaton's $3 billion revolving credit facility, established on Jan. 25 to help finance the acquisitions of Moeller Group and Phoenixtec Power Co., the agency added.

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