Fitch affirms Rockwell Collins

Fitch Ratings said it affirmed Rockwell Collins, Inc.'s long-term issuer default rating at A, short-term issuer default rating at F1, senior unsecured bank facility at A, senior unsecured debt at A and commercial paper rating at F1.

The outlook is stable.

The ratings consider the company's solid credit metrics, a portfolio that is well balanced between aerospace and defense markets, strong free cash flows, high margins and conservative financial policies, Fitch said.

Concerns include unfunded pension liabilities, the potential for event risk in the aerospace sector and potential cash deployment actions, including acquisitions and related integration challenges, the agency said.

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