TEXT-S&P rates Air Products & Chemicals notes

Thu Sep 6, 2012 4:41pm EDT

Sept 6 - Standard & Poor's Ratings Services today assigned its 'A'
issue-level rating to Allentown, Pa.-based Air Products and Chemicals Inc.'s
 proposed $400 million senior unsecured notes due 2017. 
Air Products will use proceeds of the note offering for general corporate 
purposes. The existing ratings on Air Products are unchanged. The outlook is 
stable. 

Standard & Poor's Ratings Services' ratings on Air Products and Chemicals Inc. 
reflect our view of the company's strong business risk profile--based on its 
position in the global industrial gas market--and intermediate financial risk 
profile--which is supported by the consistency of Air Products' operating 
performance, cash flow generation, and financial policy objectives. 

For the latest corporate credit rating rationale, see Standard & Poor's 
summary analysis, "Air Products And Chemicals Inc.," published Aug. 29, 2012.

Ratings List
 
Air Products and Chemicals Inc.

 Corporate credit rating         A/Stable/A-1

New Rating

Air Products and Chemicals Inc.

 $400 million senior unsecured
 notes due 2017                  A
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