ITT Inc.: Update to credit analysis following upgrade of senior unsecured rating to Baa1
Our credit view of this issuer reflects its strong backlog and sizable recurring revenue stream, against its comparatively moderate revenue scale and exposure to certain cyclical end marketsITT is a manufacturer of engineered components and customized technology solutions for the transportation, industrial, and oil and gas markets. The company's segments are: Motion Technologies, which manufactures brake pads, shims, shock absorbers, energy absorption components, and sealing technologies; Industrial Process, which provides a portfolio of industrial pumps, valves, and plant optimization systems and services; and Connect and Control Technologies, which designs and manufactures a range of connectors and products for applications supporting various markets including aerospace and defense, industrial, transportation, medical, and oil and gas.
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