NEW YORK (S&P Global Ratings) Sept. 2, 2016--S&P Global Ratings today assigned its 'A-' issue-level rating to Ireland-based Eaton Capital Unlimited Co.'s proposed euro-denominated senior unsecured fixed-rate notes (final amount to be determined). The notes are guaranteed by Eaton Capital's parent, Eaton Corp. PLC, and other guarantors and will rank equally with all of the issuer's existing and future unsecured unsubordinated debt. The company plans to offer a benchmark-size bond and intends to use the net proceeds for general corporate purposes, including to repay some of its existing debt scheduled to mature in 2017. Eaton Capital Unlimited is a financing subsidiary of Dublin-based holding company Eaton Corp. PLC. One of the group's major operating companies is Cleveland–based Eaton Corp. (Eaton).
