S&P assigns Snap-On notes A-

S&P said it assigned its A- rating to Snap-on Inc.'s proposed senior unsecured notes.

“We expect the company will issue $400 million of 30-year notes that rank equally with all of its existing and future unsecured obligations. We also expect Snap-on will use the proceeds of this issuance to repay outstanding commercial paper borrowings and increase available liquidity,” S&P said in a press release.

This transaction does not have a material effect on the company's credit measures because the debt-leverage calculation nets accessible cash, S&P said.

Snap-On’s A- rating is unchanged, S&P said.

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