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S&P rates ADT notes BBB-
Standard & Poor's said it assigned its BBB- issue-level rating to ADT Corp.'s senior unsecured notes.
According to S&P, ADT intends to use the proceeds primarily to repurchase common stock, which is consistent with its share repurchase plan announced in November.
The agency said the BBB- corporate credit rating and stable outlook incorporate its expectation that ADT will repurchase up to $2 billion of shares over three years, which will be financed with a mix of debt and cash flow.
In addition, S&P said the rating on ADT reflects its expectation that adjusted debt to EBITDA will increase to the mid-3x area in 2013.
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