S&P affirms Deere & Co. corporate credit ratings
Standard & Poor’s Ratings Services last week assigned its ‘A-’ ratings to John Deere Capital Corp.’s $850 million 3.9 percent global notes, due 2008, and $650 million 5.1 percent global notes, due 2013.
The ratings on JDCC, including the ‘A-’/A-2’ corporate credit ratings , as well as those of the parent company, Deere & Co. (Deere; A-/Stable/A-2), and other related entities are affirmed. The outlook is stable.
“Ratings reflect Deere & Co.’s above-average business positions within intensely competitive and highly cyclical industries, moderately conservative financial policy, and expectation that Deere will generate acceptable credit measures over the economic cycle, notwithstanding the volatility of its key markets,” says Dan DiSenso, Standard & Poor’s credit analyst.