S&P lifts, withdraws Rockwell Collins

S&P said it raised the long-term issuer credit rating on Rockwell Collins Inc. to BBB+ and removed it from CreditWatch, then withdrew the rating.

Also, the agency affirmed and withdrew the short-term A-2 issuer rating.

S&P also raised the issue-level ratings on the company's unsecured debt to BBB+ from BBB and removed the ratings from CreditWatch.

The A-2 commercial paper rating was affirmed.

United Technologies Corp. recently completed its acquisition of Rockwell Collins for a total consideration of about $30 billion, including assumed net debt, which the company financed with a combination of debt, equity and cash.

“Rockwell Collins will be fully integrated into UTC's Aerospace Systems operations, which will be renamed Collins Aerospace and will be led by the current CEO of Rockwell Collins,” the agency said in a news release.

“Therefore, we have determined that Rockwell Collins is a core subsidiary of UTC and its ratings will be equalized with UTC's.”

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