S&P assigns BBB- to Ingersoll Rand notes

S&P said it assigned its BBB- issue-level rating on Ingersoll Rand Inc.'s planned senior unsecured notes due 2028 and 2033.

Ingersoll Rand’s issuer rating is BBB-.

The company intends to use the proceeds to repay its secured borrowings. “As a result, we believe unsecured debt will comprise a significant amount of the total capital structure. Furthermore, the company operates with consistently low leverage. As a result, we believe it is likely that the proposed notes will not be significantly disadvantaged relative to secured creditors,” S&P said in a press release.

The outlook is positive.

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