S&P assigns Valspar notes BBB

Standard & Poor's said it assigned its BBB issue-level rating to Valspar Corp.'s proposed $400 million senior unsecured notes due 2022. According to S&P, the company will use the proceeds to repay commercial paper borrowings and to repay at maturity its 5.625% senior notes due May 1, 2012.

At the same time, S&P said it affirmed its ratings on the company.

The outlook is stable.

"The ratings on Valspar reflect the company's solid business positions in its diversified coatings portfolio and relatively stable EBITDA margins," said S&P credit analyst Liley Mehta in a news release.

"The ratings also reflect its value-added technologies, low-cost production, and an expanding international presence - especially its architectural coatings in Australia and China, wood coatings in Asia, and general industrial, coil, and packaging coatings worldwide," Mehta said.

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