Moody's rates Eastman Chemical notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Eastman Chemical Co.'s offering of new senior unsecured notes.

The proceeds will be used for general corporate purposes, including the refinancing of upcoming debt maturities in 2019 and 2020, Moody's said.

The outlook is stable.

Eastman is taking advantage of the low rates to refinance upcoming maturities, the agency said.

The rating is constrained by the company's credit metrics that remain at the low end of the expected range for the Baa2 rating, Moody's said.

The ratings also reflect the company's size, product diversity, geographic diversity, vertical integration and strong free cash flow generation, the agency said.

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