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S&P places Goodrich on positive watch
Standard & Poor's said it placed Goodrich Corp.'s BBB+ corporate credit rating on CreditWatch with positive implications.
United Technologies Corp. recently announced it would acquire Goodrich in a deal worth $18.4 billion, including assumed debt. United will pay $127.50 cash for each of Goodrich's outstanding shares, S&P said.
The agency said it expects the higher-rated United will either assume or repay Goodrich's rated debt as part of the transaction.
If United legally assumes or guarantees Goodrich's rated debt, S&P said it will likely raise the ratings on those issues to the same as United's other unsecured debt, which is currently A.
The ratings also will be removed from CreditWatch.
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