...Improving Credit Trend: Fitch Ratings recently affirmed Eaton Corporation plc's (Eaton) ratings, reflecting ongoing improvement in the company's operating and credit profiles as it integrates Cooper Industries, plc (Cooper) and pays down debt. The integration is expected to be completed by late 2015 and involves cost and revenue synergies that are contributing to higher margins and stronger FCF. Stable Rating Outlook: The combination of stronger operating results and lower debt could eventually lead to a positive rating action. However, Fitch estimates credit metrics could remain weak for the ratings for up to two years, although faster improvement is possible. A positive rating action would depend on Eaton achieving expected margin and FCF results. Rating Strengths: Strengths include Eaton's technological capabilities, competitive market positions, and geographic and product diversification that mitigate sensitivity to cyclical end markets including heavy duty trucks, automotive, construction...
