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ITT CORP. 'A+' SENIOR DEBT AFFIRMED AFTER ITT RAYONIER SPINOFF -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 8 /PRNewswire/ -- ITT Corp.'s $1.9 billion "A+" senior debt, $681 million "A" cumulative preferred stock, and $255 million "F-1" 3(A)3 commercial paper are affirmed by Fitch. The credit trend is stable. Ratings on ITT Rayonier Inc.'s $110 million "A+" notes and "A+" medium-term note program are withdrawn.
 ITT Corp. announced today its board approved a plan to spinoff ITT Rayonier to shareholders. Prior to the spinoff, ITT Rayonier will upstream approximately $90 million to ITT Corp. ITT Rayonier had accounted for approximately 12% of consolidated capital expenditures and 14% non-ESOP debt while generating only 8% of consolidated operating profit. Fitch views this transaction as another step in management's ongoing plan to focus ITT Corp. on a few core business units with an emphasis on enhanced cash flow and profitability.
 Following the spinoff, ITT Corp. will still have a diverse portfolio of independent businesses with good market positions and high realizable values. Major operations include ITT Hartford, which accounts for approximately half of consolidated revenues and normal operating earnings, ITT Financial, ITT Automotive, ITT Sheraton, ITT Communications and Information Services, ITT Defense & Electronics, and ITT Fluid Technology.
 -0- 12/8/93
 /CONTACT: Thomas W. Hoens, CPA, 212-908-0569, or Nancy E. Stroker, CFA, 212-908-0533, both of Fitch/
 (ITT)


CO: ITT Corp. ST: New York IN: SU: RTG

TW -- NY016 -- 1609 12/08/93 08:36 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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