S&P gives Snap-on notes A-

S&P said it assigned its A- issue-level rating to Snap-on Inc.'s proposed $350 million senior notes due 2048, which will rank equally with all of the company's existing unsecured debt.

“We view the proposed transaction as leverage neutral because the company will use the proceeds from these notes primarily to repay a portion of its outstanding commercial paper borrowings and fund a tender offer for its $200 million 6.7% senior notes due 2019,” the agency said in a news release.

All other ratings on Snap-on, including the A- long-term corporate credit rating, remain.

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