Fitch rates RPM International notes BBB

Fitch Ratings said it assigned a BBB rating to RPM International, Inc.'s offering of $350 million senior unsecured notes due 2029.

The notes will rank equally in right of payment with the company's existing senior unsecured debt.

The proceeds will be used to repay a portion of the outstanding borrowings under its revolving credit facility and for general corporate purposes.

The outlook is negative.

The company's issuer default rating of BBB reflects the company's well-balanced portfolio of products, geographic and end-market diversity, solid liquidity position, historically stable credit metrics and consistent free cash flow generation, Fitch said.

The negative outlook reflects the company's weakened credit metrics and an expectation that RPM's leverage will remain elevated, the agency said.

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