Moody's rates Parker-Hannifin notes A2

Moody's Investors Service said it assigned A2 ratings to Parker-Hannifin Corp.'s proposed public offering of $600 million of senior notes with maturities of 10 years and 30 years.

The A2 senior unsecured debt rating reflects the company's leading market positions and favorable long-term business outlook, Moody's said.

The rating also encompasses the company's diversification across numerous industrial sectors and participation in international markets with more favorable near-term growth prospects than North America, the agency said.

The rating also considers that much of the company's business is derived from aftermarket sales, which somewhat cushions the impact of down cycles, Moody's noted.

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