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Moody's cuts Eaton, Cooper
Moody's Investors Service said it lowered the senior unsecured long-term rating of Eaton Corp. to Baa1 from A3 and affirmed the company's Prime-2 short-term rating.
The agency also lowered the long-term rating of Cooper US Inc., whose obligations are guaranteed by Cooper Industries plc, to Baa1 from A3 and confirmed its Prime-2 short-term rating.
The rating on Cooper's $325 million note issue due Nov. 15, 2012 was confirmed at A3.
The outlook for both companies is negative.
Moody's said the downgrade reflects the significant increase in leverage that will result from the approximately $5.1 billion in debt taken on to fund Eaton's $11.8 billion acquisition of Cooper.
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