Moody's: Air Products notes A2

Moody's Investors Service said it assigned an A2 rating to the $300 million senior notes due 2021 of Air Products and Chemicals, Inc.

The outlook is stable.

"Air Products' recent earnings indicated some sequential weakness as expected, but EBITDA is still moderately higher versus prior year," John Rogers, senior vice president at Moody's, said in a release. "Despite its high exposure to the U.S. and Europe, Air Products' elevated backlog of projects should largely offset any negative impact from further economic weakness in the US or Europe in 2012."

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