...May 30, 2019 NEW YORK (S&P Global Ratings) May 30, 2019--S&P Global Ratings today assigned its '###-' issue-level rating to Melbourne, Fla.-based defense contractor Harris Corp.'s proposed senior unsecured notes and placed them on CreditWatch with positive implications. Harris is seeking to exchange the proposed notes for $3.35 billion of outstanding debt at L3 Technologies Inc., mirroring their principal amount, interest rate, and maturity date. The proposed notes are contingent on Harris closing its merger with L3. The exchange is offered to all of L3's existing debt. Following close of the merger of Harris and L3, expected in the third quarter of calendar 2019, we will resolve the CreditWatch on all ratings on Harris. Based on the proposed financing terms and assuming no significant changes in financial policy or operating performance, we expect to raise the issuer credit rating on Harris to '###' from '###-' and assign a stable outlook. We also expect to raise the ratings on Harris'...
