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S&P: Exelis outlook to stable
Standard & Poor's said it affirmed its BBB-/A-3 corporate credit rating on Exelis Inc. and revised the outlook to stable from positive.
The outlook revision reflects the agency’s belief that the recently announced definitive agreement under which Harris Corp. will acquire Exelis in a cash and stock transaction will close on schedule in June 2015.
"Following the close of the transaction, Exelis will become a subsidiary of Harris, and we will likely withdraw the corporate credit rating," S&P credit analyst Chris Mooney said in a news release.
The agency expects to continue to rate any Exelis unsecured debt that remains outstanding after the merger closes BBB-, in line with its expected corporate credit rating on Harris. This also assumes that all debt in Harris' capital structure is unsecured and that the Exelis debt is guaranteed by the parent and pari passu with Harris' other unsecured debt.
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