S&P gives A to Hubbell notes

S&P said it assigned its A issue-level rating to Hubbell Inc.'s proposed $300 million senior notes due in 2027.

The company plans to use the proceeds from this offering, with available cash, to redeem its $300 million principal amount 5.95% senior notes due in 2018, including any premium and accrued interest in respect thereof, and for general corporate purposes.

All other S&P ratings on Hubbell, including the A corporate credit rating, are unchanged.

“In our view, Hubbell's operations continue to benefit from its brand-name recognition, strong distribution network, and large portion of stable aftermarket sales – all of which somewhat mitigate cyclicality and support steady cash flow generation,” S&P said in a news release.

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