S&P cuts Cooper

Standard & Poor's said it lowered its corporate credit and unsecured debt ratings on Cooper Industries plc to A- from A and removed all of its ratings from CreditWatch, where they were placed with negative implications on May 21, 2012. The outlook is negative.

The agency said it subsequently withdrew its long-term and short-term corporate credit ratings on Cooper.

This rating action followed Cooper Industries' and Eaton Corp.'s agreement that Eaton would acquire Cooper Industries for $11.8 billion using cash and equity in the newly combined company.

"We are lowering the rating on Cooper U.S. Inc.'s rated notes that remain outstanding to reflect the lower unsecured rating of Eaton," said S&P credit analyst John Sico in a news release.

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