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S&P lowers Rockwell Collins
Standard & Poor's said it lowered its long-term corporate credit rating on Rockwell Collins Inc. to A- from A and the short-term corporate credit rating to A-2 from A-1 and removed the ratings from CreditWatch, where it placed them with negative implications on Aug. 12.
The outlook is stable.
At the same time, S&P lowered the issue-level ratings on the company's $300 million senior unsecured notes due 2019, $250 million notes due 2021 and $400 million notes due 2023 to A- from A and removed them all from CreditWatch negative.
The A- ratings on the company's $300 million notes due 2016 and $400 million notes due 2043 remain unchanged.
S&P said the downgrade reflects a material deterioration in Rockwell Collins' credit measures following its $1.4 billion purchase of Arinc Inc., which the company funded entirely with debt.
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