Sponsored Links
TEXT-Fitch raises Goodrich to 'A' on acquisition
July 31 - Fitch Ratings has upgraded the Issuer Default Rating (IDR) and long-term debt ratings for Goodrich Corporation (Goodrich) to 'A' from 'BBB+' and removed the ratings from Rating Watch Positive following completion of the acquisition of Goodrich by United Technologies Corporation (UTC) last week. The rating Outlook is Stable. Goodrich's bank facility has been canceled, and Fitch has withdrawn the rating. The upgrade reflects UTC's strong credit profile and implied support for Goodrich although UTC has not assumed or guaranteed Goodrich's debt. Fitch has affirmed UTC's ratings at 'A' as described in a separate press release. Fitch has taken the following rating actions for Goodrich: --Issuer Default Rating (IDR) upgraded to 'A' from 'BBB+'; --Senior unsecured notes upgraded to 'A' from 'BBB+'; --Senior unsecured bank credit facility 'BBB+' withdrawn. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'Corporate Rating Methodology' (Aug. 12, 2011); --'Treatment and Notching of Hybrids in Nonfinance Corporate and REIT Credit Analysis' (Dec. 15, 2011). Applicable Criteria and Related Research: Corporate Rating Methodology Treatment and Notching of Hybrids in Nonfinancial Corporate and REIT Credit Analysis
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters