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S&P rates United Parcel Service notes A+
S&P said it assigned an A+ rating to United Parcel Service Inc.'s proposed senior unsecured notes due 2029 and 2049.
The agency said it expects UPS will use the proceeds from these notes for general corporate purposes, including upcoming debt maturities.
The outlook is negative.
Although S&P said it expects the company's earnings and cash flow will continue to increase because of the growth of e-commerce and management's operating-efficiency programs, the substantial pension deficit is a drag on credit measures.
The agency said it anticipates this will result in an FFO-to-debt ratio in the low-30% range in 2019.
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