Fitch ups Textron to positive

Fitch Ratings said it affirmed the issuer default ratings and long-term debt ratings for Textron Inc. and Textron Financial Corp. at BB+.

The outlook was revised to positive from stable.

Fitch also affirmed Textron's B short-term issuer default rating and B commercial paper rating and Textron Financial's B+ junior subordinated notes.

Textron Financial's ratings are linked to Textron's ratings through a support agreement and other factors, Fitch said.

The ratings reflect Textron's access to capital markets, stability provided by it defense-related businesses and stabilizing demand in Cessna's business jet market, Fitch said.

The positive outlook recognizes substantial progress liquidating Textron Financial's non-captive portfolio, overall debt reduction and declining leverage, and improving cash flow from the company's manufacturing operations, the agency said.

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