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TEXT-S&P rates Praxair senior secured debt 'A'
November 2, 2012 / 7:05 PM / 5 years ago

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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