Fitch assigns BBB+ to Eaton notes

Fitch Ratings said it affirmed the long-term issuer default ratings for Eaton Corp. plc and indirect subsidiary Eaton Corp. at BBB+.

The agency also assigned a rating of BBB+ to Eaton Capital Unltd. Co.’s planned benchmark issuance of fixed-rate euro-denominated senior unsecured notes.

The outlook is stable.

Proceeds will be available for general corporate purposes, most of which Fitch anticipates will be directed to repayment of debt schedule to mature in 2017.

The new notes will have a similar guarantee structure to existing debt at other Eaton entities, including guarantees by Eaton Corp. plc, Cooper Industries, Turlock BV and certain other subsidiaries of Eaton Corp. plc.

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