Harris Corp.'s Proposed Unsecured Notes Due 2028 Assigned 'BBB-' Rating

NEW YORK (S&P Global Ratings) May 23, 2018--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Harris Corp.'s proposed unsecured notes due 2028. Harris plans to use the proceeds from the new notes to refinance its outstanding $400 million 4.4% notes due 2020 and $400 million 5.55% notes due 2021 and pay related fees and expenses. The refinancing will extend the company's debt maturities. We do not believe that the refinancing will significantly alter the company's credit metrics, so our other ratings on the company remain unchanged. Our 'BBB-' corporate credit rating on Harris reflects its strong position in tactical radios, diversified product portfolio, and good program diversity. We expect the company's revenue to increase modestly over the next

...NEW YORK (S&P Global Ratings) May 23, 2018--S&P Global Ratings today assigned its '###-' issue-level rating to Harris Corp.'s proposed unsecured notes due 2028. Harris plans to use the proceeds from the new notes to refinance its outstanding $400 million 4.4% notes due 2020 and $400 million 5.55% notes due 2021 and pay related fees and expenses. The refinancing will extend the company's debt maturities. We do not believe that the refinancing will significantly alter the company's credit metrics, so our other ratings on the company remain unchanged. Our '###-' corporate credit rating on Harris reflects its strong position in tactical radios, diversified product portfolio, and good program diversity. We expect the company's revenue to increase modestly over the next 12 months based on its recent contract wins and likely increases in U.S. and foreign government defense spending. We also expect Harris' EBITDA margins to improve because the company divested its low-margin service business. The...

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