Fitch upgrades Raytheon

Fitch Ratings said it upgraded ratings for Raytheon Co., including the senior unsecured debt to BBB from BBB-, the bank facility to BBB from BBB- and the commercial paper to F2 from F3.

The agency also said it upgraded Raytheon Co. Trust I's trust preferred securities to BBB- from BB+.

The outlook is stable.

Fitch said about $5.5 billion of debt is affected and the upgrades are based on the company's substantial debt reduction in the past 18 months, improved credit statistics, solid performance in government and defense businesses, the recovery in the business jet market and improved operating performance at Raytheon Aircraft.

The agency added that the company has reduced its risks related to lawsuits, regulatory investigations and the company's former engineers & constructors segment.

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