Research Update: Exelis Inc., ITT Spin-Off Entity, Assigned 'BBB' Ratings; Outlook Stable Sep 11
Standard & Poors, September 2011
Abstract
ITT Corp. plans to spin-off its defense operations, now known as Exelis Inc., to shareholders. We are assigning our 'BBB' corporate ratings to Exelis, as well as our 'BBB' issue rating to the proposed unsecured notes. The stable outlook reflects expectations that although revenues and earnings are likely to be fairly flat over the next few years, good cash generation should enable debt reduction. On Sept. 14, 2011, Standard & Poor's Ratings services assigned its 'BBB' corporate credit ratings to Exelis Inc. At the same time we assigned a 'BBB' rating to the company's proposed issuance of $350 million of unsecured notes due 2021 and $300 million of unsecured notes due 2041. The notes will initially be guaranteed by current...
Companies mentioned in this report are:
- Exelis Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Exelis Inc.
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