Fitch affirms ABB, Thomas & Betts

Fitch Ratings said it affirmed ABB Ltd.'s long-term issuer default rating and Thomas & Betts Corp.'s $250 million 5.625% senior unsecured notes due in 2021 at BBB+ following ABB's public announcement to guarantee the bonds.

The agency also said it affirmed ABB's, ABB International Finance Ltd.'s and ABB Treasury Center (USA), Inc.'s senior unsecured ratings at BBB+ and ABB's short-term issuer default rating at F2.

The ratings of the commercial-paper programs issued by ABB Financial Services AB, ABB Capital BV and ABB TC were affirmed at F2.

ABB publicly announced last week its intention to guarantee the notes following the completion of ABB's acquisition of Thomas & Betts, Fitch said.

The affirmations reflect ABB's strong financial profile and a view of a likely repayment of the notes by ABB, given that a strong linkage exists between ABB and Thomas & Betts, the agency said.

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