Moody's ups Harris outlook to positive

Moody's Investors Service said it affirmed Harris Corp.'s Baa2 long-term debt rating and revised the outlook to positive from stable to reflect the progress that Harris has made in growing both revenues and operating margins across all of its divisions over the last several years.

The improved outlook is supported by the strong growth in revenues and profitability in the RF division, the continued strong cash generation from the government business and the more comprehensive product offerings in the broadcast segment, the agency said.

The outlook also reflects Moody's expectation that Harris will continue to generate meaningful free cash flow relative to debt levels, resume growth in its government business, maintain the strong momentum in the RF business and continue to improve the profitability of its microwave and broadcast businesses.

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