S&P assigns Textron notes BBB-

Standard & Poor's said it assigned its BBB- rating to Textron Inc.'s proposed offering of $500 million senior unsecured notes.

The agency said it expects two tranches maturing in 2015 and 2019.

The proceeds of the notes will be used for general corporate purposes, including the repayment of certain debt issues of Textron and its wholly owned finance subsidiary, Textron Financial Corp. (BB+/developing/B), that Textron has offered to purchase as part of a $650 million tender offer, S&P added.

The new notes and accompanying tender offer will improve the company's liquidity somewhat by extending its debt maturity profile, the agency said.

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