S&P Global Ratings raised some of the credit ratings of United Technologies Corp., the new aerospace and defense giant created by the all-stock merger of United Technologies Corp. and Raytheon Co. that closed April 3.
Raytheon Technologies' long-term issuer and unsecured debt ratings and its subsidiaries were upgraded to A- from BBB+, which reflected the ratings of United Technologies. The short-term ratings were affirmed at A-2. The new outlook is stable as the ratings were removed from CreditWatch with positive implications.
"The upgrade reflects improved credit metrics following the transactions," S&P Global Ratings said, citing Raytheon Co.'s low leverage.
S&P Global Ratings downgraded Raytheon Co.'s long-term issuer credit rating to A- from A+ and its short-term rating to A-2 from A-1. The ratings were removed from CreditWatch with negative implications and were subsequently withdrawn.
Raytheon Co.'s unsecured debt rating was also downgraded to A- from A+ and removed from CreditWatch.
This S&P Global Market Intelligence news article contains information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.