Moody's rates Eaton notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the notes issued by Turlock Corp. in connection with Eaton Corp.'s acquisition of Cooper Industries plc, which is expected to close by year-end.

Until closing of the transaction the proceeds from the offering will be held in escrow and serve as security for the notes. Upon closing, the notes will be legally assumed by Eaton.

Moody's affirmed the Baa1 rating of the existing long-term debt of both Eaton and Cooper US Inc., whose obligations are guaranteed by Cooper Industries plc, as well as their Prime-2 short-term ratings.

The rating of Cooper's $325 million note issue due Nov. 15, 2012 is confirmed at A3 and will be withdrawn in the normal course upon settlement.

The outlooks are negative.

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