S&P: Kennametal notes BBB

Standard & Poor's said it assigned a BBB rating to Kennametal Inc.'s proposed $300 million senior unsecured notes due 2022.

The proceeds will be used to repay its outstanding notes due in June 2012.

The outlook is stable.

The rating reflects the company's product innovation and global footprint, which will enable it to maintain its good position in the global metalworking tools industry, S&P said.

The agency said it expects its EBITDA margin to remain volatile because of the cyclical and competitive nature of its markets, but it will remain satisfactory.

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