Moody's: Smiths Group notes Baa2

Moody's Investor's Service said it assigned a Baa2 rating to the $400 million senior unsecured notes with a 10-year term issued by Smiths Group plc.

Moody's said the Baa2 long-term ratings are a reflection of (a) Smiths' continuing focus on sectors with potential for above-GDP growth and attractive and relatively stable margins through the cycle, even when taking into account restructuring cost, supported by substantial efficiency improvements; (b) the group's leading positions in niche manufacturing markets; and (c) the low capital intensity and reinvestment needs of these businesses.

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