Textron Inc.'s credit metrics will likely weaken significantly in 2020 as a result of the coronavirus pandemic; however, we expect recovery in 2021 as some demand returns and margins recover due to cost cutting actions. Therefore, we affirmed existing ratings, including our 'BBB' issuer-credit rating, removed all ratings from CreditWatch with negative implications, and assigned a negative outlook. At the same time, we assigned our 'BBB' issue-level rating to the company's proposed $500 million unsecured notes due 2031. The negative outlook reflects that credit metrics could be weaker in 2021 than we are currently expecting given the impact of the pandemic. The negative outlook on Textron reflects the potential for weaker credit metrics due to the coronavirus pandemic's impact on
