Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for AGCO Corp. > News item |
S&P rates AGCO notes BBB-
Standard & Poor's said it affirmed its ratings, including the BBB- corporate credit rating, on AGCO Corp. The outlook is stable.
At the same time, S&P said it assigned a BBB- issue-level rating to AGCO's proposed $300 million senior unsecured notes due 2021. According to S&P, AGCO will use proceeds of the note offering to fund a portion of its planned acquisition of Illinois-based GSI Holdings Corp.
"The affirmation reflects our expectation that AGCO's credit measures will remain adequate for the rating following the GSI acquisition, which will more than double total adjusted debt," said S&P credit analyst Dan Picciotto in a news release.
"Prior to the GSI acquisition announcement, AGCO's credit measures were strong, which we believe provided sufficient capacity for additional debt. By the end of 2012, we believe credit measures will moderately exceed our expectations for the rating," he said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.