S&P assigns A to Praxair notes

Standard & Poor's said it assigned its A issue rating to Praxair Inc.'s €500 million senior unsecured notes due 2025.

Proceeds will be used for general corporate purposes, including repayment of debt and share repurchases.

The existing ratings on Praxair, including the A long-term corporate credit rating and A-1 short-term rating, are unchanged.

The outlook is stable.

S&P said the ratings reflect its assessment of Praxair’s "excellent" business risk profile, based on the company's leading position in the global industrial gases market and its attractive EBITDA margins, and "intermediate" financial risk profile, which incorporates the resilience of the company's cash flows to economic cycles.

The agency adjusted its initial analytical outcome downward by one notch to reflect the company's somewhat weaker credit measures than those of other similarly rated peers.

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