TEXT-S&P rates Pentair's proposed commercial paper 'A-2'
Oct 12 - Standard & Poor's Ratings Services said today that it has assigned its 'A-2' short-term corporate credit rating to Pentair Ltd.
At the same time, we assigned our 'A-2' commercial paper (CP) rating to Pentair's subsidiary Pentair Finance S.A.'s proposed $1.45 billion CP program. The obligations are guaranteed by Pentair.
The ratings on Schaffhausen, Switzerland-based manufacturer of products and services for water and other fluids, thermal management, and equipment protection Pentair reflect its "satisfactory" business risk profile and "intermediate" financial risk profile. Pentair was formed when Pentair Inc. (unrated) merged with Tyco International Ltd.'s (A-/Stable/A-2) flow control business.
RELATED CRITERIA AND RESEARCH
-- Pentair Inc. Ratings Raised, Withdrawn After Merger; Pentair Ltd. Assigned 'BBB' Rating, Outlook Stable, Sept. 28, 2012
-- Methodology: Short-term/Long-Term Ratings Linkage Criteria For Corporate And Sovereign Issuers, May 15, 2012
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
RATINGS LIST Pentair Ltd. Corporate Credit Rating BBB/Stable/A-2 New Rating Pentair Finance S.A. $1.45 billion CP program A-2
Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at
. All ratings affected by this rating action can be found on Standard & Poor's public Web site at . Use the Ratings search box located in the left column. (New York Ratings Team)