Eaton Capital Unlimited Co.'s Euro-Denominated Senior Unsecured Notes Rated 'A-'

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 our 'A-' 
long-term issuer credit rating and 'A-2' short-term rating, are unchanged.
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