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S&P: ITT still on watch
Standard & Poor's said its ratings, including the BBB+ corporate credit rating, on ITT Corp. remain on CreditWatch with negative implications.
The agency placed ITT on CreditWatch Jan. 12 following ITT's announcement that the company would separate into three independent, publicly traded companies.
"Pro forma for the spin-off of its water and defense segments, now called Xylem Inc. and Excelis Inc., respectively, we expect to lower our corporate credit rating on ITT Corp. by two notches to BBB-," said S&P credit analyst John Sico in a news release. "The remaining ITT businesses had total revenues of about $2 billion in 2010.
"We expect ITT will be capitalized with more than $600 million in cash (excluding future separation costs) and have no balance-sheet debt. It will retain all of the existing legacy asbestos liabilities and assets and retain some pension liabilities."
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