Moody's: Carlisle notes Baa2

Moody's Investors Service said it affirmed Carlisle Cos. Inc.'s Baa2 senior unsecured rating and simultaneously assigned a Baa2 rating to the company's new issuance of $350 million of 10-year notes.

Consistent with the company's publicly stated goals to reach certain revenue thresholds, Moody's said it believes that Carlisle's strategies include acquisitions as a means to attain that objective. The agency said it assumes that funds raised through the issuance will ultimately be deployed in purchasing revenue- producing assets.

The outlook is stable.

According to Moody's, Carlisle's funded indebtedness will increase by $350 million and cause its debt/EBITDA to increase to 2.1 times on a pro forma basis as of Sept. 30 and prior to consideration of any incremental earnings or cash flow associated with a potential transaction.

The agency said the Baa2 rating recognizes Carlisle's still moderate scale and leverage, its strong interest coverage, consistent free cash flow generation and the benefits of a diverse collection of businesses.

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