Fitch affirms ITT

Fitch Ratings said it removed ITT Corp.'s ratings from Rating Watch evolving and affirmed them, including its A- issuer default rating, A- senior bank credit facility, A- senior long-term debt, F2 short-term issuer default rating and F2 commercial paper.

The outlook is stable.

On Oct. 31, ITT spun off Xylem Inc. (formerly ITT Water) and Exelis, Inc. (formerly ITT Defense). In Fitch's view, the reduction in scope in ITT's business model after the separation increases the company's exposure to cyclicality and possibly weakens its competitive position against its larger competitors.

The ratings incorporate ITT's well-established market positions, conservative financial policies and solid liquidity, the agency said.

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