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S&P gives BBB to Wabtec notes
S&P said it affirmed its BBB issuer credit rating on Westinghouse Air Brake Technologies Corp. (Wabtec) and removed it from CreditWatch, where S&P placed it with negative implications on May 21.
The outlook is negative.
S&P said it also affirmed the BBB issue-level ratings on Wabtec's senior unsecured notes and removed them from CreditWatch where the agency placed them with negative implications on May 21.
At the same time, S&P assigned its BBB issue-level rating to the company's proposed $500 million senior unsecured floating-rate notes due in 2021, $1 billion senior unsecured notes due in 2024 and $1 billion senior unsecured notes due in 2028.
“The rating action follows our review of the pending merger between GET and Wabtec,” S&P said in a news release.
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