Fitch upgrades Snap-On

Fitch Ratings said it upgraded the long-term issuer default rating of Snap-On Inc. to A from A- and short-term issuer default rating to F1 from F2.

The outlook is stable.

The agency also upgraded the company’s senior unsecured debt to A from A-, unsecured revolving credit facility to A from A- and commercial paper to F1 from F2.

The upgrades reflect the improvement in Snap-on's operating and credit metrics over the past several years and an expectation that these trends will continue, Fitch said.

Snap-on is generating healthy top-line growth, driven by solid growth in some areas that offsets moderate declines in other areas, the agency said.

© 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.