ITT Receives Moody’s Ratings Upgrade
ITT has received a credit rating upgrade from Moody's, moving to Baa1 from Baa2, while maintaining its Prime-2 short-term commercial paper rating. The upgrade reflects Moody's confidence in ITT's sustained improvements in profitability and cash generation, along with its well-balanced financial policy. Moody's expects ITT's market share gains and strong backlog conversion to support continued operating profit growth. CEO Luca Savi attributes this upgrade to the company's consistent performance, profitable growth, strategic acquisitions, and strong cash generation capabilities.
ITT ha ricevuto un upgrade del rating creditizio da Moody's, passando a Baa1 da Baa2, mantenendo al contempo il rating Prime-2 per i titoli di credito a breve termine. Questo miglioramento riflette la fiducia di Moody's nei continui progressi di ITT in termini di redditività e generazione di cassa, insieme a una politica finanziaria ben equilibrata. Moody's prevede che i guadagni di quota di mercato di ITT e la forte conversione dell'ordine arretrato sosterranno una continua crescita del profitto operativo. Il CEO Luca Savi attribuisce questo upgrade alle prestazioni costanti dell'azienda, alla crescita redditizia, alle acquisizioni strategiche e alle solide capacità di generazione di cassa.
ITT ha recibido una mejora en su calificación crediticia por parte de Moody's, pasando de Baa2 a Baa1, mientras mantiene su calificación Prime-2 para papeles comerciales a corto plazo. La mejora refleja la confianza de Moody's en las mejoras sostenidas de ITT en rentabilidad y generación de efectivo, junto con su política financiera bien equilibrada. Moody's espera que las ganancias de cuota de mercado de ITT y la fuerte conversión de su cartera de pedidos respalden el crecimiento continuo de las ganancias operativas. El CEO Luca Savi atribuye esta mejora al desempeño constante de la compañía, al crecimiento rentable, a las adquisiciones estratégicas y a sus sólidas capacidades de generación de efectivo.
ITT는 Moody's로부터 신용 등급이 Baa2에서 Baa1로 상향 조정되었으며, 단기 상업 어음에 대한 Prime-2 등급을 유지하고 있습니다. 이번 등급 상승은 ITT의 지속적인 수익성 및 현금 창출 향상과 균형 잡힌 재무 정책에 대한 Moody's의 신뢰를 반영합니다. Moody's는 ITT의 시장 점유율 증가와 강력한 백로그 전환이 지속적인 운영 이익 성장을 지원할 것으로 기대합니다. CEO인 루카 사비는 이번 등급 상승을 회사의 일관된 성과, 수익성 있는 성장, 전략적 인수 및 강력한 현금 창출 능력 덕분으로 설명합니다.
ITT a reçu une mise à niveau de sa note de crédit par Moody's, passant de Baa2 à Baa1, tout en maintenant sa note Prime-2 pour le papier commercial à court terme. Cette mise à niveau reflète la confiance de Moody's dans les améliorations soutenues d'ITT en matière de rentabilité et de génération de liquidités, ainsi que dans sa politique financière bien équilibrée. Moody's s'attend à ce que les gains de parts de marché d'ITT et la forte conversion de son carnet de commandes soutiennent la croissance continue de son bénéfice d'exploitation. Le PDG Luca Savi attribue cette mise à niveau à la performance constante de l'entreprise, à sa croissance rentable, à ses acquisitions stratégiques et à ses solides capacités de génération de liquidités.
ITT hat von Moody's eine Upgrade der Kreditbewertung erhalten und wurde von Baa2 auf Baa1 hochgestuft, während die Prime-2-Bewertung für kurzläufige Commercial Papers aufrechterhalten wird. Das Upgrade spiegelt die Zuversicht von Moody's in die anhaltenden Verbesserungen von ITT bei Rentabilität und Cash-Generierung sowie in die ausgewogene Finanzpolitik wider. Moody's erwartet, dass die Marktanteilsgewinne und die starke Umwandlung des Auftragsbestands von ITT das kontinuierliche Wachstum des operativen Gewinns unterstützen werden. CEO Luca Savi schreibt dieses Upgrade der konstanten Leistung des Unternehmens, dem profitablen Wachstum, strategischen Akquisitionen und den starken Fähigkeiten zur Cash-Generierung zu.
- Credit rating upgrade from Moody's to Baa1 from Baa2
- Maintained Prime-2 short-term commercial paper rating
- Strong market share gains and backlog conversion
- Sustained improvements in profitability and cash generation
- Successful execution of strategic acquisitions
- None.
Insights
The Moody's upgrade to Baa1 from Baa2 represents a significant enhancement in ITT's credit profile, reflecting strong operational execution and financial management. This upgrade will likely result in lower borrowing costs and improved access to capital markets, strengthening ITT's financial flexibility for future growth initiatives and acquisitions.
The company's market position appears robust, with Moody's highlighting sustainable profitability improvements and effective cash generation. The strong backlog conversion rate suggests reliable revenue streams ahead, while maintaining a well-balanced financial policy indicates disciplined capital allocation. The Prime-2 short-term rating affirmation further supports ITT's solid liquidity position.
In its press release, Moody’s noted the ratings upgrade reflects its expectation that ITT will sustain improvements in profitability and cash generation and continue its well-balanced financial policy over the next several years. Moody’s also expects “the company’s market share gains and conversion of its strong backlog to sales will support continued operating profit growth.”
“This ratings upgrade is a testament to the consistent performance of the ITT teams, day in and day out, which enabled us to grow profitably, execute strategic acquisitions and drive strong cash generation to fund future growth investments. This is another example of the ITT differentiation centered around execution and innovation. We are grateful for the recognition by Moody’s,” said Luca Savi, Chief Executive Officer and President of ITT.
The Moody’s press release on ITT’s ratings upgrade can be accessed by clicking here.
About ITT
ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in
ITT-O
View source version on businesswire.com: https://www.businesswire.com/news/home/20241127104604/en/
Media:
Phil Terrigno
+1 914-641-2143
phil.terrigno@itt.com
Investors:
Mark Macaluso
+1 914-641-2064
mark.macaluso@itt.com
Source: ITT Inc.
FAQ
What is ITT's new Moody's credit rating as of November 2024?
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