S&P lifts Harris view to positive

Standard & Poor's said it affirmed its BBB rating on Harris Corp. and revised its outlook on the company to positive from stable.

The outlook revision reflects sustained improvements in business profile, stemming largely from operating performance in the government and radio frequency communications businesses and potential improvements in the broadcast business, the agency said.

S&P noted the ratings on Harris reflect the company's position as a mid-sized defense contractor, with strong positions and operating performance in government-related communications businesses, which together accounted for three quarters of total revenues.

This factor is partially offset by improving but still underperforming commercial businesses and a recently more aggressive acquisition program, intended in particular to addresses deficiencies in the Broadcast segment of Harris' commercial businesses, S&P added.

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