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Article: Fitch Places Textron & Textron Financial's 'BBB+' IDRs on Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- January 8, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has placed the 'BBB+' Issuer Default Ratings (IDRs) and outstanding credit ratings for Textron Inc. (TXT) and Textron Financial Corporation (TFC) on rating watch negative.
The Negative Rating Watch primarily reflects the execution risks associated with TXT's decision to exit its non-captive finance businesses and corresponding near-term potential for further weakening of the enterprise's overall financial profile.
Fitch may downgrade and remove TXT from Rating Watch Negative if the following takes place:
--Substantial deterioration in TFC's overall financial performance that would require additional near-term material ...