S&P rates Westinghouse Air Brake notes BBB

S&P said it assigned its BBB issue-level rating to Westinghouse Air Brake Technologies Corp.'s proposed $750 million senior notes due 2026.

At the same time, S&P affirmed its BBB corporate credit rating on the company. The outlook remains stable.

“The affirmation follows Wabtec's announcement that it is issuing $750 million of senior notes maturing in 2026,” said S&P credit analyst Steven Mcdonald in a news release.

“The company plans to use the net proceeds from this offering, along with cash on hand (including approximately $206 million which it has placed in escrow) and additional borrowings from its existing credit facilities, to fund the cash portion of its acquisition of Faiveley and refinance Faiveley's outstanding debt.”

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