S&P rates Standard Industries notes BBB-

S&P said it assigned its BBB- issue-level rating to Standard Industries Inc.’s proposed senior unsecured notes due 2030.

The company plans to use the proceeds to redeem a portion of its $1.1 billion of 5.375% unsecured notes due 2024.

“We view the proposed transaction as leverage neutral because Standard will use all of the proceeds to reduce its outstanding 2024 notes while extending its debt maturity profile,” S&P said in a press release.

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