S&P rates Kennametal notes BBB

S&P said it assigned its BBB issue-level rating to Kennametal Inc.’s proposed $300 million of senior unsecured notes due in 2031.

“The unsecured debt rating matches our BBB issuer credit rating on the company because no significant elements of subordination risk are present in the capital structure. Kennametal has no secured debt, and it has minimal debt at operating subsidiaries,” S&P said in a press release. All other ratings on the company are unchanged.

Kennametal will use the proceeds to refinance its $300 million of unsecured notes due in 2022.

The outlook is negative.

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