Moody's assigns Resideo notes B1

Moody's Investors Service (Moody's) assigned a B1 rating to Resideo Funding Inc.'s planned $300 million of senior unsecured note offering due 2029.

The company's Ba1 senior unsecured and all other ratings remain unchanged, Moody’s said.

The proceeds will be used to retire its $260 million of senior unsecured notes due 2026.

“The credit profile benefits from the extension of debt maturities, a reduction in interest expense and a modest increase in cash as a result of the proposed transaction,” the agency said in a press release.

The outlook is stable.

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