S&P assigns A to S.C. Johnson notes

Standard & Poor's said it assigned its A issue-level rating to S.C. Johnson & Son Inc.'s proposed $500 million senior unsecured notes maturing in 2046.

Net proceeds are expected to be used to replace cash previously used to make whole certain private placement notes, for domestic and international expansion, capital expenditures, working capital and possible future acquisitions.

S.C. Johnson’s A corporate credit rating reflects the solid market positions and high brand equity of its key brands, significant geographic diversity (with a sizable presence in higher-growth developing markets), historically moderate financial policies (which S&P expects to continue) and its forecast for earnings stability.

Although the proposed offering increases adjusted debt, the agency expects the company to maintain credit measures that are overall in line with prior expectations, including leverage below 2 times.

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