S&P lowers Illinois Tool

Standard & Poor's said it lowered its long-term corporate credit rating and senior unsecured debt ratings on Illinois Tool Works Inc. to AA- from AA.

The ratings were removed from CreditWatch, where they were placed with negative implications on May 8, the agency said, adding that the short-term rating was not on CreditWatch and is unchanged at A-1+.

The outlook is stable.

According to S&P, the downgrade reflects the company's increased financial leverage over the recent quarters and its determination that the company's financial policies, while still modest, have become somewhat less conservative and could no longer support the company's growth strategy and shareholder initiatives at the prior rating level.

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