S&P rates Praxair notes A

Standard & Poor's said it assigned an A senior unsecured debt rating to Praxair Inc.'s proposed notes due 2016 and 2023.

The agency said it affirmed the A long-term and A-1 short-term corporate credit ratings on the company.

The outlook is stable.

The ratings reflect the company's excellent business risk profile and intermediate financial risk profile, which incorporate the impressive resilience of the company's cash flows and operating margins to economic cycles, S&P said.

This factor, along with the substantial percentage of its revenues that are under long-term contracts, allows Praxair to pursue moderate-size acquisitions and repurchase shares while maintaining credit quality, the agency said.

The agency said it believes the capital intensity of the business, numerous investment opportunities and the cyclicality of some key industrial end markets remain tempering factors, S&P said.

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