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Moody’s Investors Service ("Moody’s") upgraded its rating for ITT Inc. (NYSE: ITT) and its subsidiaries, including the company’s senior unsecured debt rating to Baa2 from Baa3, and its short-term commercial paper rating to Prime-2 (P-2) from Prime-3 (P-3).
In their press release, Moody’s noted the ratings upgrades reflect Moody’s expectation that ITT will sustain improvements in profitability and free cash flows while maintaining relatively low funded debt levels, a strong liquidity profile and well-balanced financial policies.
Moody’s stated further the ratings upgrades also reflect their expectation that ITT’s earnings and cash flow resiliency amid the coronavirus pandemic will sustain.
A link to the Moody’s press release can be found here.
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and oil and gas markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in White Plains, N.Y., with employees in more than 35 countries and sales in approximately 125 countries. The Company generated 2019 revenues of $2.85 billion. For more information, visit www.itt.com.
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