Fitch upgrades L3Harris

Fitch Ratings said it upgraded L3Harris Technologies' (LHX) and L3 Technologies, Inc.'s long-term issuer default ratings to BBB+ from BBB.

Fitch also upgraded LHX's short-term IDR and CP ratings to F1 from F2, and the senior unsecured notes of both entities to BBB+ from BBB.

The outlook was revised to stable from positive.

“The upgrade is driven by LHX's improved credit metrics since its merger with L3 Technologies, coupled with strong financial flexibility and profitability. Merger integration risks are generally behind the company, and we do not anticipate it deviating from its financial policy over the rating horizon,” Fitch said in a news release.

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