S&P rates Praxair notes A

Standard & Poor's said it assigned an A senior unsecured debt rating to Praxair Inc.'s $500 million senior notes due 2021.

The A long-term corporate credit rating and A-1 short-term rating are unchanged.

The outlook is stable.

Proceeds will be used to repay short-term debt, for share purchases and for general corporate purposes.

Ratings reflect Praxair's excellent business profile, the impressive resilience of its cash flows and operating margins, and credit metrics that are consistent with expectations, the agency said.

The capital intensity of the business, substantial growth-related spending and the cyclicality of some key industrial end markets remain tempering factors, the agency noted.

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