Fitch: ITT on evolving watch

Fitch Ratings said it maintained the Rating Watch evolving on ITT Corp.'s issuer default rating of A-, senior unsecured credit facilities rating of A-, senior unsecured debt rating of A-, short-term issuer default rating of F2 and commercial paper rating of F2.

Fitch said it expects to resolve the Rating Watch upon completion of ITT's separation into three publicly traded companies later this year. ITT initially announced its separation plan in January 2011, the agency said.

ITT said it expects to capitalize the separate companies at levels consistent with investment-grade metrics, the agency said.

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