Fitch rates Hubbell notes A, view to stable

Fitch Ratings said it affirmed Hubbell Inc.’s long- and short-term issuer default ratings at A/F1 and revised the outlook to stable from negative.

The actions affect $1.1 billion of debt outstanding as of June 30.

At the same time, the agency assigned a rating of A to Hubbell's planned $300 million issuance of senior unsecured notes, with the proceeds to be used to repay the company's $300 million of notes that mature in June of 2018.

Fitch said the outlook revision reflects its expectation that Hubbell's operations and credit metrics will be stable to gradually improving going forward as its end-markets exhibit improving growth prospects. In addition, the agency believes Hubbell will maintain its historically conservative financial policies, with acquisitions and share repurchases financed with internally generated cash flow.

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