Harris Corp has won a debt upgrade from Standard & Poor’s Corp, which raised its rating on the company’s senior unsecured debt to triple-B-plus from triple-B, affecting about $350m of rated debt of the diversified Melbourne, Florida electronics company. Standard & Poor’s expects that the revenue growth and improved profitability from successful new programmes, geographic diversification and cost reductions over the last two years will continue. Harris has reduced costs and enhanced its revenue potential across the company, but it faces substantial challenges as it makes the transition to commercial operations from defence businesses, so although profitability should improve, the current rating is likely to remain approprate, it added.
