S&P gives ITT Holdings, bonds BBB-

Standard & Poor's said it assigned its BBB- issuer credit rating to ITT Holdings LLC.

The outlook is stable.

At the same time, the agency assigned its BBB- issue-level rating to the company's proposed $600 million in private placement notes, roughly $510 million tax-exempt bonds, and a $600 million senior unsecured credit facility.

S&P said the ratings reflect its assessment of ITT Holdings’ "satisfactory" business risk profile and "significant" financial risk profile. The rating reflects stable cash flows backed by contracts with a weighted average life of about three years with limited volume risk through various commodity cycles, the agency added.

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