Moody's cuts Textron

Moody's Investors Service said it lowered the long-term debt ratings of Textron Inc. and its wholly owned subsidiary, Textron Financial Corp., to Baa2 from Baa1.

Moody's said it affirmed the short-term rating of both at Prime-2.

The outlook is negative.

This concludes the rating review opened on Dec. 23.

"The long-term ratings were lowered because the pace of collections of Textron's portfolio is likely to be slower than anticipated when Textron announced its plan to focus on captive (mostly aviation) finance assets," noted Bob Jankowitz at Moody's.

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