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Fitch gives Stanley Black notes A-
Fitch Ratings said it gave an A- rating to Stanley Black & Decker Inc.’s (SWK) planned $1 billion of three- and 10-year senior unsecured notes.
The proceeds will give the company added liquidity. Fitch noted the company ended 2021 with about $142 million of cash and roughly $1.25 billion of availability under its $3.5 billion commercial paper program that is backed by its $2.5 billion revolver that matures in September 2026 and its $1 billion 364-day facility maturing in September, which the company can term out for one year, at its option.
Concurrently, the affirmed SWK’s A- issuer default rating and the A- rating on Black & Decker Holdings, LLC’s $150 million of notes due July 1, 2028. The notes were sold in a private placement.
The outlook is stable.
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