UTC's $9.5bn notes offer to fund Goodrich buy rated 'A2'

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

United Technologies Corporation's (UTC) proposed $9.5 billion offering of senior unsecured notes, which are being issued as part of its planned $18.4 billion purchase of Goodrich Corporation, were rated "A2" by Moody's Investors Service.

The rating outlook remains negative.

UTC will assume Goodrich's existing debt (about $2.3 billion, or $1.9 billion net of cash) as part of the transaction, which is expected to close in July 2012.

According to Moody's, it is unlikely that UTC's rating would face any upward potential until the Goodrich acquisition is fully integrated.