S&P rates Lennox notes BBB

S&P said it assigned its BBB issue-level rating to Lennox International Inc.'s proposed senior unsecured notes.

Lennox intends to use the proceeds to repay its $350 million of senior unsecured notes due in November and for general corporate purposes.

“We view the proposed transaction as largely credit neutral, because we anticipate any potential incremental proceeds raised will increase cash balances, and we net a portion of Lennox's cash against debt in arriving at our adjusted leverage metric,” S&P said in a press release.

The outlook is stable.

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