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S&P upgrades RPM
Standard & Poor’s said it raised the long-term corporate credit rating on RPM International Inc. to BBB from BBB-.
The agency also said it raised the ratings on the company’s existing unsecured debt to BBB from BBB- and assigned a BBB rating to its proposed $250 million senior unsecured notes.
The proceeds will be used to reduce outstanding borrowings under the revolving credit facility, S&P said.
The outlook is stable.
The upgrade follows a reassessment of the company’s financial risk profile as intermediate from significant as defined by the agency’s criteria, S&P said.
RPM’s business risk profile is considered strong, reflecting its leading market positions in specialty protective coatings, good business diversity and stable earnings, the agency said.
The company also has strong liquidity, S&P said.
The outlook is stable, reflecting that the majority of the company’s revenues come from maintenance, repair and renovation projects, which imparts stability in operating margins and earnings, the agency said.
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