Fitch affirms United Technologies

Fitch Ratings said it affirmed United Technologies Corp.'s issuer default rating at A+, senior unsecured bank credit facilities at A+, senior unsecured debt at A+, short term issuer default rating at F1 and commercial paper at F1.

The outlook is stable.

Ratings incorporate the company's financial flexibility, substantial free cash flow, effective cost controls and competitive market positions in attractive markets, the agency said.

An important consideration in the ratings is the company's ability to perform well through a difficult economy, the agency noted.

The company's debt-to-EBITDA ratio at Dec. 31 was just under 1.3 times.

Other concerns include United Technologies' integration risk related to acquisitions, large net pension liabilities, difficult conditions anticipated in non-residential markets at least through 2010 and substantial cash deployment for acquisitions, dividends and share repurchases, the agency said.

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