S&P assigns A- to PPG notes

Standard & Poor's said it assigned its A- issue-level ratings to PPG Industries Inc.'s proposed €600 million senior unsecured notes due 2022 and proposed €600 million senior unsecured notes due 2027.

The company plans to use proceeds for general corporate purposes.

All existing ratings on PPG, including the A- corporate credit rating, are unchanged.

The outlook is stable.

S&P said the ratings incorporate its assessment of PPG’s "strong" business risk and modest financial risk and form its initial analytical outcome (anchor) of a. The agency chose the lower anchor score of the two potential outcomes a/a+, given its view that the relative strength of the company's strong business risk profile is somewhat weaker than that of other similarly rated companies as a result of its exposure to cyclical end markets and a higher volatility of profitability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.