New York, August 23 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has assigned a A1 ratings to Illinois Tool Works (NYSE: ITW) new senior unsecured notes and its senior unsecured shelf filing. The outlook on the ratings has been negative.
In a research note published yesterday, the analysts state that the A1 ratings indicates the company’s broad product and portfolio diversification, aggregate size and geographical mix as well as its track record of solid returns of capital, interest coverage and free cash flow generation.
Several of the company’s end markets remain cyclical including exposure to construction, heavy equipment manufacturing, automotive and consumer durables. The ratings also indicates solid liquidity and moderate financial leverage although the latter has increased as share repurchases and acquisitions have outpaced free cash flow contributing to higher debt levels.
However, the negative outlook captures the possibility that lower ratings might develop from prospective trends in capital structure despite favorable prospects for operations.
The company has its headquarters in Glenview, Illinois and is a diversified manufacturer of highly engineered components, industrial systems and consumables for general industrial, construction, automotive and food/institutional/restaurant and service markets and reported revenues of around $17.8 billion, the analysts say.
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