S&P affirms Cameron, rates notes BBB+

Standard & Poor's said it affirmed the BBB+ corporate credit rating on Cameron International Corp.

The outlook is stable.

At the same time, the agency said it assigned BBB+ issue-level rating to Cameron's $750 million in new senior unsecured notes, which consists of $450 million 6.375% senior unsecured notes due 2018 and $300 million 7% senior unsecured notes due 2038.

Proceeds from the offering will be used for general corporate purposes to include acquisitions, potential repurchases and conversions of common stock and convertible debt securities, capital expenditures and debt refinancing, the agency added.

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