Fitch lifts Textron from junk

Fitch Ratings said it upgraded the issuer default rating and long-term debt ratings for Textron Inc. and Textron Financial Corp. to BBB- from BB+.

The company's short-term ratings also were upgraded to F3 from B, along with its subordinated debt rating to BB from B+.

The outlook is stable.

Textron's issuer default rating was upgraded to BBB- from BB+, senior unsecured bank facilities to BBB- from BB+, senior unsecured debt to BBB- from BB+, short-term issuer default rating to F3 from B and commercial-paper rating to F3 from B.

Textron Financial's issuer default rating also was upgraded to BBB- from BB+, senior unsecured debt rating to BBB- from BB+ and junior subordinated notes to BB from B+.

The upgrades reflect the company's material progress toward liquidating its non-captive portfolio and diminished concerns about Textron's ability to support Textron Financial, Fitch said.

The ratings continue to be constrained by Textron Financial, although to a lesser degree than in the past, the agency said.

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