UTC placed on ratings watch by Fitch

Fitch Ratings has placed United Technologies Corporation’s (UTC; NYSE: UTX) long-term ratings on Rating Watch Negative following UTC’s announcement of an agreement to acquire Rockwell Collins, Inc. (COL) in a transaction valued at approximately $30 billion.  Separately, Fitch placed COL’s ratings on Rating Watch Positive. On Sept. 4, 2017, UTC announced an agreement to acquire COL for approximately $30 billion including approximately $7 billion of debt at COL, net of cash on hand. UTC plans to fund the acquisition of COL’s equity, valued at nearly $23 billion, through the issuance of approximately $14 billion of new debt, $1 billion of