Moody's rates Eaton bonds A3

Moody's Investors said it Service assigned an A3 rating to Eaton Corp.'s $300 million bond issuance due 2014.

The outlook is stable.

Moody's maintained Eaton's senior domestic-currency rating at A3, senior medium-term note domestic-currency rating at A3 and commercial paper rating at P-2.

Eaton's A3 rating reflects the solid competitive position that the company maintains in each of its product categories, the diversity of its end markets and the breadth of its geographic footprint, the agency said.

Eaton's stable outlook anticipates that the company will become more solidly positioned at the A3 rating level given the prospect of expanding recovery in the company's key markets, the effectiveness of its cost reduction initiatives and the continuing improvement in its operating performance, the agency added.

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