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S&P lifts Goodrich unsecured debt ratings
Standard & Poor's said it withdrew its BBB+ corporate credit rating on Goodrich Corp.
At the same time, the agency said it raised the unsecured debt ratings to A from BBB+ and removed them from CreditWatch, where they were placed with positive implications on Sept. 22.
The agency said the rating actions follow United Technologies Corp.'s acquisition of Goodrich Corp. for $18.4 billion, including net debt.
United Technology is merging Goodrich into its existing Hamilton Sundstrand division to form a new UTC Aerospace business unit. Therefore, S&P said it believes that Goodrich's debt has the same default risk as the rest of United Technology's unsecured debt, even though United Technology is not guaranteeing or legally assuming the debt.
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