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S&P lifts Textron Financial
Standard & Poor's said it raised the long- and short-term issuer credit ratings on Textron Financial Corp. to BBB-/A-3 from BB+/B.
The ratings also were removed from CreditWatch, where they were placed with positive implications in March.
The outlook is stable.
S&P also said it raised the rating on the company's senior unsecured debt to BBB- from BB+ and its junior subordinated debt rating to BB from B.
The upgrade reflects that the company is now a core or captive subsidiary of parent Textron Inc., the agency said.
The company has dramatically reduced its non-captive assets on its way to becoming a pure captive finance unit of Textron, S&P said.
That has enabled Textron Financial to greatly reduce its credit and liquidity risk to a point where any additional support is likely to be very manageable for Textron, the agency said.
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