S&P rates UPS notes A+

S&P said it assigned an A+ rating to United Parcel Service Inc.'s senior unsecured notes due 2022.

The proceeds will be used for general corporate purposes, including repayment of its commercial-paper borrowings, S&P said.

The corporate credit rating on UPS reflects the company's dominant position in domestic ground parcel delivery, substantial position in domestic air express, well-established and growing international network and strong and consistent profitability, the agency said.

The intensely competitive, somewhat cyclical, and highly capital-intensive nature of the small parcel and air express delivery businesses partly offset these strengths, S&P said.

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