Mid-sized defense contractor; Good program diversity; Growing U.S. and foreign defense spending; and Strong margins. Improving credit ratios over the next 12 to 24 months due to higher earnings, lower pension, and debt reduction; Acquisitions could resume once debt reduction target reached next year; and Strong liquidity. S&P Global Ratings' stable outlook on Harris Corp. reflects our expectation that the company will see modest revenue growth over the next 12 to 24 months, supported by higher U.S. defense spending. The company's credit ratios should improve due to higher earnings, debt reduction, and lower pension liabilities following the recent voluntary contribution, with funds from operations (FFO) to debt of 20%-25% in fiscal 2018 and 25%-35% in fiscal 2019. However, this improvement
