trending Market Intelligence /marketintelligence/en/news-insights/trending/9EwUa8brv8AUFzmAkbmAPw2 content esgSubNav
In This List

Fitch to withdraw ratings for United Technologies

Blog

Europe: 5 key OTT trends to watch in 2022

Podcast

Next in Tech | Episode 50: InfoSec spending up, again…

Blog

Broadcast deal market recap 2021

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud


Fitch to withdraw ratings for United Technologies

Fitch Ratings said it plans to withdraw the ratings for United Technologies Corp. on or around Jan. 11, 2018, due to commercial reasons.

Fitch's last rating action for United Technologies was Sept. 5, when it placed the company's long-term issuer default rating of A- on rating watch negative after it agreed to acquire Rockwell Collins Inc. for $30 billion.

The rating watch negative status reflects the incremental debt and leverage to be incurred by United Technologies to fund the acquisition, which is expected to close by the third quarter of 2018, according to Fitch.

In September, Fitch said it was expecting United Technologies' leverage to be materially weaker immediately after the Rockwell Collins acquisition but it should recover to near current levels in two to three years.

Moody's also placed United Technologies on review for downgrade after the announcement of the acquisition.