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L3 Technologies Inc. Upgraded To 'BBB', Ratings Off Watch Following Merger With Harris; Issuer Credit Rating Withdrawn
  • 01-Jul-2019 11:34 EDT
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  • Harris Corp. and L3 Technologies Inc. recently completed their all-stock merger.
  • We are upgrading L3 Technologies Inc. to 'BBB' from 'BBB-' and are removing our ratings on the company from CreditWatch, where we placed them with positive implications on Oct. 16, 2018. The outlook is stable.
  • Subsequently, we are withdrawing our 'BBB' issuer credit rating (ICR) on the company.
  • At the same time, we are raising our issue-level rating on L3's unsecured debt to 'BBB' from 'BBB-'. Approximately $330 million of the company's unsecured debt will remain outstanding following the recent exchange offer.

WASHINGTON D.C. (S&P Global Ratings) July 1, 2019-- S&P Global Ratings today took the rating actions listed above. The upgrade follows the close of the merger between Harris and L3, which leaves Harris as the sole surviving entity. The new combined company will be renamed L3Harris Technologies Inc. Following the transaction, we raised our long-term ICR on Harris to 'BBB' from 'BBB-'. Harris and L3 plan to fully integrate their operations and the combined company will initially be led by Harris' current CEO, with L3's CEO taking over in two years. We have determined that L3 is a core subsidiary of Harris, thus we are equalizing our ratings on the company with our ratings on Harris.
 
Fitch Downgrades Bayer to 'BBB+'; Outlook Negative
08 JUL 2019 02:23 PM ET



Fitch Ratings - Milan - 08 July 2019:

Fitch Ratings has downgraded Germany-based life-science company Bayer AG's Long-Term Issuer Default Rating (IDRs) to 'BBB+' from 'A-'. The Outlook is Negative.

Bayer's senior unsecured and subordinated debt ratings have been downgraded to 'BBB+' and 'BBB-' respectively from 'A-' and 'BBB'. Fitch has also downgraded the outstanding senior unsecured bonds of Bayer's fully-owned subsidiary Monsanto Company Inc. to 'BBB+' from 'A-'.

Fitch has affirmed Bayer's Short-Term IDR at 'F2', removing it from Under Criteria Observation. Fitch has also assigned a 'F2' rating to Bayer's commercial paper programme.

Fitch has also assigned Monsanto a Long-Term IDR of 'BBB+' with a Negative Outlook.
 

Atlantia Ratings Placed On CreditWatch Negative On Heightened Downside Risk From ASPI Concession
  • 11-Jul-2019 14:18 EDT
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  • On July 2, 2019, an internal commission appointed by the Italian Ministry of Infrastructure and Transport (MIT; the grantor) published a legal report on last August's Genoa bridge collapse. The report concludes that the grantor may invoke a breach of custody and maintenance to pursue a unilateral revocation of the Italian toll road concession of Autostrade per l'Italia (ASPI; the concessionaire), although the renegotiation of the concession could be considered as an alternative to its unilateral revocation.
  • Moreover, as a result of negative political sentiment towards Atlantia SpA--the toll road and airport operator that owns 88% of ASPI--we see a heightened risk that any renegotiated concession terms (including investment remuneration) will be less favorable to ASPI.
  • We do not assume a full revocation of the ASPI concession, however, because of the economic and financial impact such an action might have on the grantor based on the terms of the concession contract.
  • We are therefore placing our 'BBB' issuer credit ratings on Atlantia and ASPI on CreditWatch with negative implications. We are also placing our 'BBB-' issue rating on Atlantia's senior unsecured notes and our 'BBB' issue rating on ASPI's senior unsecured notes on Creditwatch with negative implications. At the same time, we are placing our 'BBB+' ratings on Aeroporti di Roma (AdR) on CreditWatch with negative implications due to its partial linkage to Atlantia.
  • The CreditWatch placement reflects our view of the increased likelihood that a tough regulatory and operating environment could hurt ASPI's--and therefore its parent, Atlantia's--operations and finances. It remains uncertain at this stage what specific actions the grantor may pursue, but in the worst-case scenario--MIT's unilateral revocation of the concession--we could lower these ratings by multiple notches.
 
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