ITT Maintains Investment Grade Ratings with Stable Outlook Following Announcement of SPX FLOW Acquisition and Successful Equity Offering

Core Viewpoint - ITT Inc. has received reaffirmation of its investment grade credit ratings from major ratings agencies following its agreement to acquire SPX FLOW and the completion of a $1.31 billion public offering of common stock [1][2]. Group 1: Credit Ratings Reaffirmation - Moody's affirmed ITT's senior unsecured rating at Baa1 and commercial paper rating at Prime-2, both with a stable outlook, citing ITT's diversified operating model, consistent earnings, and strong cash generation [4]. - S&P Global Ratings affirmed its BBB issuer credit rating and A-2 short-term rating for ITT, noting that ITT's history of prudent capital management supports the stable outlook despite a near-term rise in leverage [4]. - Fitch Ratings affirmed ITT's BBB+ long-term Issuer Default Rating and F1 short-term rating, both with a stable outlook, highlighting ITT's conservative capital structure, strong free cash flow, and commitment to reducing leverage below 2x within two years post-acquisition [4]. Group 2: Financial Strategy and Position - ITT has successfully completed a $1.31 billion equity offering, strengthening its balance sheet to fund the SPX FLOW acquisition [2]. - The company is committed to deleveraging quickly by implementing a synergy plan and enabling SPX FLOW's growth to maintain its investment grade ratings [2]. - ITT's strong financial position and focus on execution are positioned for long-term value creation [2]. Group 3: Company Overview - ITT is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for the transportation, industrial, and energy markets [3]. - The company is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries [3].