S&P assigns W.W. Grainger notes A+

S&P Global Ratings said it assigned its A+ rating to W.W. Grainger, Inc.'s proposed senior unsecured notes.

The majority of the proceeds are expected to be used for debt repayment and the remainder for general corporate purposes, including share repurchases.

“We believe this transaction will very modestly increase Grainger's S&P-adjusted debt leverage, though we anticipate that it will still maintain a comfortable cushion under our downside thresholds for the rating. We rate the company's unsecured notes at the same level as our A+ issuer credit rating because it has sufficiently low leverage, which we believe limits the risk of subordination for the lenders of its unsecured debt,” said S&P in a press release.

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