S&P assigns Hubbell notes BBB+

S&P said it assigned its BBB+ issue-level rating to Hubbell Inc.’s proposed senior unsecured notes due 2031, which the agency estimates will be about $300 million.

“We rate Hubbell’s unsecured debt at the same level as our BBB+ issuer credit rating on the company – which is unchanged – because there are no significant elements of subordination risk in its capital structure. Hubbell has no secured debt and minimal debt at its operating subsidiaries,” the agency said in a press release.

The company will use the proceeds fr to repay its $300 million of 3.625% senior unsecured notes due Nov. 15, 2022. “We view the transaction as leverage neutral,” S&P said.

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