Moody's: Agilent notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Agilent Technologies, Inc.'s senior notes due 2023. The outlook is stable.

The proceeds will be used for general corporate purposes including the repayment of the company's outstanding $250 million senior notes due July 2013.

The agency said the Baa2 rating reflects Agilent's significant scale and leading market positions within the measurement industry; its good diversity by product, geography and end-user market; and its conservative capital structure and favorable financial metrics including a modest debt-to-EBITDA ratio and good free cash flow.

According to Moody's, the rating is constrained by the cyclical nature of some of Agilent's products, its meaningful exposure to customers who are funded by the U.S. government and its slowing organic growth and earnings, which could lead to heightened acquisition appetite.

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