Moody's rates National Oilwell notes A2

Moody's Investors Service said it assigned an A2 rating to National Oilwell Varco, Inc. (NOV)'s proposed offering of $3 billion of senior notes maturing in 2017, 2022 and 2042.

According to Moody's, the proceeds from the offering will be used to fund the pending acquisition of Robbins & Myers, Inc. and for general corporate purposes.

The outlook remains stable.

"This senior notes offering substantially increases NOV's debt levels in order to fund the Robbins & Myers acquisition," said Pete Speer, a Moody's vice president, in a news release.

"However, NOV's leverage metrics remain within our expectations for its A2 ratings, and management has a strong track record of delivering the forecasted earnings growth from its acquisitions."

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