Fitch rates ADP notes AA-

Fitch Ratings said it assigned Automatic Data Processing Inc.'s planned senior notes an AA- rating.

Concurrently, the agency affirmed ADP’s AA- issuer and senior unsecured ratings.

“Despite the proposed issuance, the company's credit protection metrics will remain within Fitch's rating sensitivities, although headroom will be modestly reduced. The company remains committed to its AA category rating and will manage its metrics accordingly,” the agency said in a press release.

ADP will use the proceeds for general corporate purposes, including share repurchases.

The outlook is stable.

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