S&P assigns A- to Eaton notes

S&P said it assigned its A- issue-level rating to Eaton Corp.'s proposed benchmark sized senior unsecured notes with a final amount of about $1 billion.

The agency said the notes will rank equally with all the issuer's existing and future unsecured unsubordinated debt.

“Eaton benefits from its strong position as a well-diversified power management company that generates roughly $20 billion in annual sales and approximately $2.3 billion in adjusted free cash flow over a broad geographic footprint,” S&P said in a news release.

“Eaton's performance in its electrical segments has been somewhat tepid in recent quarters, but some segments like hydraulics and vehicle are improving.”

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