Moody’s assigns Baa3 to Textron notes

Moody's Investors Service said it assigned a Baa3 rating to the proposed $350 million issuance of senior unsecured notes due 2027 by Textron Inc.

The outlook is positive.

"Financial performance has modestly lagged expectations but remains reasonably solid, nonetheless, in the context of both industry peers and a market environment that continues to evidence meaningful contraction in business jets and rotorcraft," Russell Solomon, Moody’s senior vice president and lead analyst for the company, said in a news release.

"While 2017 will be another challenging albeit flattish year, we anticipate better performance in 2018-19 as new products contribute more meaningfully and end-market conditions ultimately improve."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.