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Moody's rates ADT notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to the $2.5 billion of senior unsecured notes offered by ADT Corp. The outlook is stable.
According to Moody's, Tyco International Ltd. plans to spin-off ADT's business into a stand-alone company in the third calendar quarter of 2012. Most of the net proceeds from the proposed notes will be used to repay intercompany debt and to make other cash payments to Tyco.
Moody's said it expects ADT to have about $300 million of cash post-spin.
The agency said the Baa2 senior unsecured rating reflects ADT's recurring revenue base and leading position in the fragmented alarm monitoring industry, as well as the expectation of low financial leverage for the rating category.
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