Moody’s: RPM International notes Baa3, view positive

Moody's Investors Service said it affirmed the Baa3 ratings of RPM International Inc. and changed the outlook to positive from stable.

The agency also assigned Baa3 ratings to the proposed $350 million new senior unsecured notes due 2027 and $50 million add-on to the senior unsecured notes due 2045.

Proceeds are expected to be used to reduce outstanding borrowings on the senior unsecured revolving credit facility, which was drawn to finance recent acquisitions and general corporate purposes.

"The positive outlook reflects the strong and improving credit profile of RPM, which continues to exhibit good earnings resilience and strong cash flows that support its successful bolt-on acquisition program and have allowed the company to grow in scale and strength over the years," Moody’s senior credit officer Joseph Princiotta said in a news release.

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