Fitch rates Eaton notes A-

Fitch Ratings said it expects to assign a rating of A- to Eaton Corp.'s planned issuance of three-year floating-rate senior unsecured notes.

The proceeds will be used to repay commercial paper.

The outlook is stable.

Eaton has an issuer default rating of A-, senior unsecured bank credit facilities rating of A-, senior unsecured long-term debt rating of A-, short-term issuer default rating of F2 and commercial paper rating of F2.

The ratings incorporate the company's product and geographic diversification, growing presence in emerging markets, effective cost controls, solid liquidity position and demonstrated ability to integrate acquisitions, Fitch said.

Concerns include the company's cyclical end-markets, such as nonresidential construction, net pension obligations, raw material costs and the potential negative impact on leverage from debt-funded acquisitions, the agency said.

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