Moody’s assigns Genuine Parts notes Baa1

Moody’s Investors Service said it assigned Genuine Parts Co.’s proposed senior unsecured notes a Baa1 rating.

“This proposed issue, together with cash on the balance sheet, will repay the remaining balance of GPC’s term loan due 2022, which will enhance liquidity by extending its debt maturity profile which we view as a credit positive,” said Charlie O’Shea, a Moody’s vice president, in a press release.

The Baa1 issuer rating and stable outlook are unaffected.

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