STAMFORD, Conn.--(BUSINESS WIRE)--November 27, 2024-- ITT Inc. (NYSE: ITT) today announced that Moody’s Ratings (Moody’s) upgraded the company’s rating to Baa1 from Baa2. Moody’s also affirmed a Prime-2 short term commercial paper rating for ITT.
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 Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries. For more information, visit www.itt.com.
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