Fitch affirms ITT

Fitch Ratings said it has affirmed ITT Corp.'s debt ratings as follows: issuer default rating at A-; short-term issuer default rating at F2; senior unsecured bank facilities at A-; senior unsecured debt at A-; and commercial paper at F2.

The outlook is stable.

The ratings and outlook reflect ITT's solid credit measures, stable defense business, consistent free cash flow and adequate liquidity, the agency said, adding that debt reduction in the current year has helped to offset the negative impact of weaker operating results in ITT's industrial businesses related to the recession.

As a result, leverage has remained relatively stable, Fitch noted. At Sept. 30, debt-to-EBITDA was 1.2 times, compared with 1.4x at the end of 2008.

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