S&P revises Raytheon view to negative

S&P said it revised the outlook for Raytheon Technologies Corp. to negative from stable, citing the effect of the coronavirus.

“The negative outlook reflects earnings and cash flow that may be lower than we expect due to coronavirus impact on demand for new aircraft and related aftermarket sales. We expect FFO to debt of 23%-27% in 2020 and 30%-35% in 2021 as air traffic recovers; however, this is highly uncertain,” the agency said in a press release.

The agency affirmed Raytheon’s A- rating.

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