Moody's rates Leggett notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Leggett & Platt's $300 million proposed senior unsecured notes.

Moody's also affirmed all other ratings including, the Baa1 senior unsecured rating and Prime-2 short-term rating.

The outlook is stable.

"The proceeds from the proposed offering will be used to repay the $200 million notes that mature in April 2013 and for general corporate purposes," Moody's senior credit officer Kevin Cassidy said in a news release.

While Leggett's credit metrics are weak for its rating with debt to EBITDA over 3 times, Moody's said it expects improvement by the end of 2012 to about 3 times and a steady decrease in 2013 to around 2.5 times.

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