Fitch: Raytheon view positive

Fitch Ratings said it affirmed Raytheon's credit ratings, including the BBB- rating on the company's senior unsecured debt and bank facilities, the BB+ rating on RC Trust I's trust preferred securities, and the F3 rating on Raytheon's commercial paper program.

The outlook is revised to positive from stable.

Fitch said the outlook revision is based on the amount of debt reduction Raytheon is likely to achieve in 2004 and the impact lower debt levels will have on Raytheon's credit statistics. Raytheon has lowered its debt levels by about $1 billion so far in 2004, and on Thursday it announced a tender offer for an additional $1 billion of debt.

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