Fitch rates Keysight BBB

Fitch Ratings said it has assigned Keysight Technologies Inc. an initial long-term issuer default rating of BBB in anticipation of Keysight's spin-off from parent, Agilent Technologies, Inc.

The outlook is stable.

According to the agency, Agilent announced it planned to separate its electronics measurement segment from the life sciences, diagnostics and applied markets segments, creating two stand-alone companies.

The separation will take the form of a tax-free pro rata spinoff to Agilent shareholders and is expected to close Nov. 2014.

The ratings and outlook reflect Fitch's expectations for improving operating performance driven by the resumption of revenue growth after bottoming in fiscal 2013.

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