Content and data provided by various third parties and Fidelity - Terms of Use
Print.Print
Small font size A Larger text size A Largest text size A

ITT Receives Moody?s Ratings Upgrade

BY Business Wire | CORPORATE | 11/27/24 06:30 AM EST

STAMFORD, Conn.--(BUSINESS WIRE)-- November 27, 2024-- ITT Inc. (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.

About ITT

ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.

ITT-O

Source: ITT Inc. (ITT)

More Fixed Income News

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

© 1998 – 2014 FMR LLC.

All rights reserved.
fir_news_article