S&P gives Pall notes BBB

Standard & Poor's said it assigned a BBB issue-level rating to Pall Corp.'s proposed new $325 million of senior unsecured notes due 2020, the same as the corporate credit rating.

The agency said it expects the company to use the proceeds from the new notes to repay in full its 6% senior notes and for general corporate purposes.

The ratings on Pall primarily reflect strong business profile and its significant financial risk profile, the agency noted.

"Pall has a strong business position as a leading global manufacturer of filtration products for industrial and life science applications," said credit analyst Helena Song.

"The company's overall competitive advantages include long-standing customer relationships, technological expertise, and global reach," she continued.

However, uncertainty about risks associated with the company's ongoing tax audit, SEC, and Department of Justice investigations, and related litigation matters temper these factors, S&P said.

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