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S&P rates Caterpillar notes A
Standard & Poor's said it assigned an A rating to Caterpillar Inc.'s proposed senior note offering.
The proceeds will be used to fund a portion of its planned acquisition of Bucyrus International Inc.
The Department of Justice recently gave clearance for the transaction to proceed, S&P said.
The ratings reflect the company's strong competitive business position in the cyclical global construction equipment market, its solid cash flow generation and its demonstrated ability to remain profitable even at the bottom of an economic cycle, the agency said.
S&P added that it expects the global economic rebound to support continued increases in demand for Caterpillar's products in 2011 from its trough in 2009.
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