Moody's gives 3M notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to 3M Co.'s issuance of €500 million (about $700 million) of unsecured eight-year notes.

The rating matches 3M's current Aa2 senior unsecured rating. The company intends to use the proceeds for general corporate purposes, initially replenishing its balance sheet liquidity following an August redemption of $850 million of debt.

The stable outlook was unaffected.

Moody's said the Aa2 senior unsecured rating reflects 3M's well-established business positions across a diverse range of markets, healthy operating profitability, conservative capitalization, strong liquidity, and predictable free cash flow generation. While each of the company's business segments has exposure to certain industries, business cycles, and geographies the company's mix of products and end-markets provide relatively stable revenues and cash flows.

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