Fitch affirms ITT at BBB+

Fitch Ratings said it affirmed ITT Inc.'s long-term issuer default rating at BBB+ and short-term issuer default rating and commercial paper rating at F2.

The agency also affirmed the senior unsecured credit facility rating at BBB+.

The outlook is stable. The ratings apply to about $248 million in total debt as of March 31

Fitch said the affirmation reflects ITT's well-established position in its end markets, moderate financial leverage (including net asbestos liability) and healthy organic growth in some of its key verticals.

These factors are balanced by the underlying cyclicality in ITT's businesses and ongoing payments related to long-tail asbestos liabilities, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.