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S&P: Harris unchanged
Standard & Poor's said the announcement that Harris Corp. (BBB/stable) has entered a definitive agreement to acquire all of the shares of Leitch Technology Corporation for total cash consideration, net of cash on hand, of $450 million would not affect the rating or outlook on Harris Corp.
The agency said Harris Corp has adequate financial capacity and liquidity to undertake the acquisition. As of July 1, Harris had $378 million of cash and $500 million of undrawn revolving.
Furthermore, financial leverage is comfortable for the rating, with adjusted total debt-to-EBITDA 1.1 times as of July 1, S&P added.
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