S&P gives Valspar notes BBB

Standard & Poor's said it assigned its BBB issue rating to Valspar Corp.'s proposed $250 million senior unsecured notes due 2019 to be drawn down from the shelf registration dated April 12, 2007.

Net proceeds from the notes offering will be used to repay commercial paper borrowings and borrowings under the existing revolving credit facilities, S&P said.

At the same time, the agency said it affirmed its ratings, including the BBB corporate credit rating on the company.

"The ratings on Valspar reflect solid business positions in its diversified coatings portfolio - generating annual sales of about $3.2 billion - relatively stable operating margins, and moderate industry cyclicality," said S&P credit analyst Liley Mehta.

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