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Fitch rates ITT Holdings BBB-
Fitch Ratings said it assigned an initial issuer default rating and a senior unsecured rating of BBB- to ITT Holdings LLC.
The outlook is stable.
ITT is a wholly owned subsidiary of Macquarie Infrastructure Corp. In the first quarter of 2015, ITT accounted for 50% of Macquarie’s EBITDA.
Fitch said the BBB- rating is supported by the company's competitive advantage of having strategically located bulk liquid terminal facilities with significant market share in its two primary locations, the New York Harbor and on the lower Mississippi River.
Additionally, the agency said ITT has demonstrated that it has had very high and consistent utilization rates, which have averaged 94% over the last eight years regardless of crude, gasoline and other commodity prices and economic decisions. While the contract life for storage tends to be short compared with other midstream assets such as pipelines, ITT's average contract term is three years, Moody’s said.
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