Moody's cuts Illinois Tool Works

Moody's Investors Service said it lowered its senior unsecured debt rating of Illinois Tool Works Inc. to A1 from Aa3.

The outlook is negative.

Moody's said it also affirmed its P-1 short-term rating of Illinois Tool Works.

This action resolves the review for downgrade initiated on Dec. 17, the agency said.

"The downgrade of the senior unsecured rating follows the sharp decline in operating margins that occurred in the 2008 fourth quarter," said Moody's analyst Jonathan Root.

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