S&P gives Harris notes BBB-

S&P said it assigned its BBB- issue-level rating to Harris Corp.'s proposed unsecured notes due 2028.

The corporate credit rating is unchanged at BBB-.

Harris plans to use the proceeds from the new notes to refinance its outstanding $400 million 4.4% notes due 2020 and $400 million 5.55% notes due 2021 and pay related fees and expenses.

“The refinancing will extend the company's debt maturities,” the agency said in a news release.

“We do not believe that the refinancing will significantly alter the company's credit metrics, so our other ratings on the company remain unchanged.”

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