NEW YORK (S&P Global Ratings) May 9, 2019--S&P Global Ratings today assigned its 'A-' issue-level rating to Eaton Capital Unlimited Co.'s proposed euro-denominated senior unsecured notes. Eaton Capital Unlimited Co. is a subsidiary of Dublin-headquartered Eaton Corp. PLC, a diversified power management company. We expect the final size of the notes offering to be approximately €1 billion, issued in two tranches due in 2021 and 2025. The notes will rank equally with all of the issuer's existing and future unsecured unsubordinated debt. Eaton intends to use the net proceeds for general corporate purposes, which may include repaying debt. Its commercial paper balance was $730 million as of March 31, 2019. All our other ratings on Eaton and its subsidiaries, including
