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S&P rates Harris notes BBB-
S&P said it assigned its BBB- issue-level rating to Harris Corp.'s proposed $300 million floating-rate unsecured notes due in 2019.
The company will use the proceeds to make a voluntary contribution to its defined-benefit pension plan this year, allowing it apply the old 35% U.S. corporate tax rate.
Pro forma for the proposed transaction, Harris's capital structure will consist of about $4.2 billion of unsecured debt.
The agency said it rates Harris' unsecured debt the same as the company’s corporate credit rating because no significant elements of subordination risk are present in the company's capital structure.
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