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S&P rates Raytheon notes A-
S&P said it assigned an A- rating to Raytheon Technologies Corp.’s (RTX) proposed unsecured notes.
“The company is seeking to exchange the proposed notes for approximately $9.2 billion of outstanding debt issued by its subsidiaries Goodrich Corp., Rockwell Collins Inc. and Raytheon Co. The proposed notes will mirror the principal amount, interest rate and maturity date of the notes they are being exchanged for. The exchange covers all of the debt at RTX's subsidiaries except for the $1 billion of Raytheon notes due in October 2020,” S&P said in a press release.
About 30% of the company’s debt is issued by those subsidiaries. “However, we do not believe this creates material subordination risk for the debt issued by RTX, thus we rate the company's debt at the same level as our issuer credit rating,” S&P said.
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