Fitch backs Textron debt rating |
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Fri, 26 Jan 2007 21:39
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NEW YORK (AFX) - Fitch Ratings on Friday affirmed its ratings for diversified manufacturer Textron Inc., but said additional operating problems at the Bell Helicopter unit could cause it to revise its ratings downward.The rating outlook for a total of $8.5 billion in debt and preferred securities for Textron, as well as its financial arm, remains positive, Fitch said.Textron on Wednesday said it incurred a 25-cent-per share charge at its Bell Helicopter unit during its fourth-quarter. The company warned more charges at the unit are possible, due to changes in its Armed Reconnaissance Helicopter development project for the Department of Defense.Fitch said it affirmed the company's debt ratings due to its diverse portfolio, competitive positions at Bell and its Cessna Aircraft unit, high spending from defense clients, and solid liquidity.Fitch said it remained concerned about execution problems at Bell, and said future charges could cause ratings to be revised. But Fitch said the company's financial arm continues a positive trend.Fitch affirmed an A- rating on Textron's senior unsecured debt, and an issuer default rating of A-, among other ratings.Shares of Textron declined 94 cents to $92.21 in afternoon trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Fitch reviews USI for rating change 