Moody's reviews Illinois Tool Works

Moody's Investors Service said it placed the Aa3 senior unsecured rating of Illinois Tool Works, Inc. on review for downgrade and affirmed the P-1 short-term debt rating following the company's lowered expectations for fourth quarter revenue.

"The review will assess ITW's financial policy plans and the degree to which meaningfully weaker global demand is expected to pressure ITW's operating cash flow in 2009," Moody's analyst Jonathan Root said in a statement. "Moody's will also consider ITW's plans for funding the March 1, 2009 maturity of the $500 million 5.75% redeemable notes."

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