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Fitch affirms L3Harris, rates notes BBB+
Fitch Ratings said it affirmed L3Harris Technologies (LHX) and L3 Technologies Inc.'s BBB+ issuer default ratings following the company's acquisition of Aerojet Rocketdyne for around $5 billion.
Fitch said it assigned BBB+ long-term ratings to the company's new senior unsecured notes issued by L3Harris, which, along with CP borrowings will be used to finance the transaction.
Fitch also affirmed the long-term ratings on LHX's senior unsecured notes, revolver and term loan at BBB+ and L3Harris' short-term IDR and CP ratings at F1.
The outlook is negative.
“The negative outlook reflects the elevated post-transaction leverage profile with pro forma YE2023 EBITDA leverage around 3.6x. Fitch currently forecasts EBITDA leverage will likely remain outside of its current 2.5x negative sensitivity for around two years following the transaction,” Fitch said in a news release.
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