Moody’s rates ITT revolver Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to ITT Inc.'s $500 million amended and extended revolving credit facility set to mature in November 2021.

This is an extension of the $500 million revolving credit facility of ITT Corp., which was assumed by ITT Inc. earlier this year.

The agency withdrew the rating on the revolver that was scheduled to expire in November 2019.

Moody’s said the Baa3 senior unsecured rating reflects the company's relatively consistent profitability, solid liquidity profile and steady free cash flow generation.

“Revenues are balanced across major geographic regions with the majority earned outside of North America. The collection of products and end-markets helps mitigate exposures to cyclical industries such as oil and gas, automotive and mining,” the agency said in a news release.

“Similarly, the highly engineered/customized aspect of many of its products and a meaningful percentage of higher-margin aftermarket parts and services dampens volatility and generates strong margins.”

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