S&P cuts Illinois Tool Works outlook to negative

Standard & Poor's said it revised its outlook on Illinois Tool Works Inc. to negative from stable.

At the same time, the agency said it affirmed all ratings on the company, including the AA- long-term corporate credit rating and the A-1+ short-term and commercial paper ratings.

"The outlook revision to negative reflects its expectation that, amid deteriorating conditions in several of its industrial markets, Illinois Tool Works' earnings and credit quality could come under pressure," said S&P credit analyst Gregoire Buet.

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