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Prospect News home > News index > List of issuers H > Headlines for Hubbell Inc. > News item |
Fitch to rate Hubbell notes A
Fitch Ratings said it expects to assign an A rating to Hubbell Inc.'s planned issuance of 10-year senior unsecured debt. The agency has A issuer default and senior unsecured ratings, and F1 short-term and commercial paper ratings.
The outlook is stable.
Proceeds will be used to pay down commercial paper and for general corporate purposes.
Ratings reflect the company's strong market presence in its industries, operating improvements and conservative financial policies, the agency said.
Concerns include cyclicality in Hubbell's end markets, a geographic concentration in the United States and long-term margin trends that have been pressured by higher material and energy costs, Fitch said.
As a result of acquisitions and share repurchases, the company's debt-to-EBITDA ratio as of March 31 was 1.2 times, compared with 0.7 times at the end of 2007.
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