TEXT-S&P rates Praxair senior secured debt 'A'
Nov 2 - Standard & Poor's Ratings Services said today that it assigned its 'A' rating to Danbury, Conn.-based Praxair Inc.'s proposed senior unsecured notes due 2017 and senior unsecured notes due 2042. Praxair will use proceeds of the note offering to repay short-term debt and for general corporate purposes. The existing ratings on Praxair, including the 'A' long-term corporate credit rating and 'A-1' short-term rating, are unchanged. The outlook is stable. The ratings on Praxair Inc., a leading industrial gas producer, reflect an excellent business profile, the impressive resilience of cash flows and operating margins, and credit metrics that are consistent with expectations at the current ratings. These strengths, along with the substantial percentage of revenues under long-term contracts, allow Praxair to pursue moderate-size acquisitions and make share repurchases, while maintaining credit quality measures. However, Standard & Poor's Ratings Services believes the capital intensity of the business, numerous investment opportunities, and the cyclicality of some key industrial end markets remain tempering factors. Related Criteria And Research -- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 -- Key Credit Factors: Business and Financial Risks In The Commodity And Specialty Chemical Industry, Nov. 20, 2008 Ratings List Praxair Inc. Corporate credit rating A/Stable/A-1 New Ratings Senior unsecured notes due 2017 A Senior unsecured notes due 2042 A
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