S&P rates Eaton notes A-

Standard & Poor's said it assigned an A- rating to Eaton Corp.'s (A-/stable/A-2) proposed issuance of $500 million of senior unsecured notes due in 2014 and 2019.

The notes are a drawdown from Eaton's existing shelf registration and contain a change-of-control provision.

Proceeds will be used to repay outstanding commercial paper.

"The ratings on Cleveland-based Eaton reflect the company's strong business risk profile and its good end-market, geographic and product diversity," S&P analyst Robyn Shapiro said in a statement.

"The ratings also reflect the company's exposure to some cyclical and competitive markets, its acquisitive growth strategy and its postretirement benefit liabilities," Shapiro said.

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