ITT Inc (ITT) Receives Moody’s Ratings Upgrade

ITT Inc. (NYSE: ITT) today announced that Moody’s Ratings (Moody’s) upgraded the company’s rating to Baa1 from Baa2. Moody’s also affirmed a Prime-2 short term commercial paper rating for ITT.

In its press release, Moody’s noted the ratings upgrade reflects its expectation that ITT will sustain improvements in profitability and cash generation and continue its well-balanced financial policy over the next several years. Moody’s also expects “the company’s market share gains and conversion of its strong backlog to sales will support continued operating profit growth.”

“This ratings upgrade is a testament to the consistent performance of the ITT teams, day in and day out, which enabled us to grow profitably, execute strategic acquisitions and drive strong cash generation to fund future growth investments. This is another example of the ITT differentiation centered around execution and innovation. We are grateful for the recognition by Moody’s,” said Luca Savi, Chief Executive Officer and President of ITT.

The Moody’s press release on ITT’s ratings upgrade can be accessed by clicking here.

You May Also Be Interested In

• Corning (GLW) files for up to $2B offering of common shares
• 1844 Resources closes private placement raising $947,650
• 37 Capital raises $300,000 in partial private placement closing