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S&P rates RPM notes BBB-
Standard & Poor's said it assigned a BBB- rating to RPM International Inc.'s proposed $250 million of senior unsecured notes due 2022.
The agency also affirmed all of its ratings, including the BBB- corporate credit rating.
The outlook is stable.
The proceeds will be used to repay a portion of the outstanding borrowings under its revolving credit facility.
The ratings incorporate the company's diverse specialty coatings and materials businesses, as well as its high level of maintenance, repair and renovation sales, which provide a meaningful degree of stability to earnings, S&P said.
The ratings also reflect the company's proven ability to integrate a continuous flow of small- to midsize-company and product-line acquisitions, the agency said, and cash flow protection measures appropriate for the ratings.
The use of debt to help fund acquisitions and relatively low discretionary cash flows temper those strengths, S&P said.
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