Summary: United Technologies Corp. Feb 12

Standard & Poors, February 2012

Abstract
The rating on Hartford, Conn.-based diversified industrial company United Technologies Corp. reflects Standard & Poor's Ratings Services' view that the pending acquisition of Goodrich Corp. will strengthen UTC's business risk profile. This should be enough to offset its less conservative financial policies and temper the deterioration in financial leverage that will result from the largely debt-funded nature of the transaction. We believe the resulting business profile of UTC would be "excellent" and its financial profile "intermediate" under our criteria. The company expects to finance the $18 billion transaction with new debt and a combination of asset sale proceeds and equity (in proportions still to be determined). Assuming $14 billion of additional debt, we estimate the pro forma ratio of 2011...

Companies mentioned in this report are: United Technologies Corp.,Goodrich Corp.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

United Technologies Corp.,Goodrich Corp.

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