S&P affirms Airgas

Standard & Poor's said it affirmed Airgas Inc.'s BBB corporate credit rating and other existing ratings.

The outlook is stable.

The agency also said it assigned an A-2 short-term rating to the company's $750 million commercial paper program.

Backing the program is the company's $750 million revolving credit facility expiring in July 2016.

The company's strong business fundamentals, including its leading position in the North American industrial gas market, S&P said, and significant barriers to competitive entry support credit quality.

The ratings reflect its position as the leading North American distributor of industrial gases and related hard goods, respectable operating margins and stable cash flows, the agency said.

However, the moderate cyclicality of the manufacturing and industrial markets tempers its strengths, along with management's financial policies favoring incremental debt-financed acquisitions, S&P said.

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