S&P assigns United Technologies notes BBB+

Standard & Poor's said it assigned its BBB+ issue rating to United Technologies Corp.'s proposed $1 billion of subordinated notes, which the company will issue as part of $1 billion of equity units.

The agency said the ratings on the notes apply to the company's obligation to service the debt component as well as its obligation to issue common shares under the forward contract.

S&P said the A rating on the company reflects its expectations that the pending Goodrich acquisition will strengthen its business risk profile. The agency said it expects this to be enough to offset United Technologies' less conservative financial policies and temper the deterioration in financial leverage that will result from the transaction.

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