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Moody's rates Illinois Tool notes A1
Moody's Investors Service said it assigned A1 ratings to Illinois Tool Works' $800 million of five-year notes due April 1, 2014 and $700 million of 10-year notes due April 1, 2019.
The agency said it expects Illinois Tool Works to apply the net proceeds of about $1.5 billion to the reduction of outstanding commercial paper.
Although net debt will not change upon the payoff of commercial paper borrowings, the issuance lowers refinancing risk and market risk as short-term borrowings will be significantly reduced, the agency noted.
The lower short-term debt balance enhances flexibility at a time when demand for the broad array of its products faces strong headwinds, Moody's said.
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