S&P rates PPG notes BBB+

Standard & Poor's said it assigned its BBB+ senior unsecured debt rating to PPG Industries Inc.'s proposed $400 million senior notes maturing in 2022. The company will draw down the notes from its existing shelf registration.

The agency said it affirmed the existing ratings on PPG, including the BBB+ long-term corporate credit rating and the A-2 short-term rating.

"The ratings on PPG incorporate our assessment of the company's 'strong' business risk and 'intermediate' financial risk," said S&P credit analyst Liley Mehta in a news release.

S&P said the stable outlook reflects its expectation that PPG will maintain appropriate credit measures for the ratings, including funds from operations to debt of 30% to 35%.

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