MOODY'S AFFIRMS UNITED TECHNOLOGIES <UTX> DEBT
Moody's Investors Service Inc said it
affirmed the debt ratings of 3.7 billion dlrs of debt of United
Technologies Corp and its units.
    Affirmed were the Aa-3 senior debt of the parent and its
units United Technologies Credit Corp, United Technologies
Financial Services Inc, United Technologies Finance N.V.,
Carrier Corp and Carrier International Finance N.V. Also
affirmed were the parent's Prime-1 commercial paper, Aa-3
Euroyen bonds and A-1 preferred stock.  United Technologies
Credit Corp's A-1 subordinated debt was also affirmed, Moody's
said.
    Moody's cited its expectations that the company's programs
will be successful in lowering operating costs and improving
intermediate-term capital management. This will raise financial
measures from current low levels.
    As operating earnings and cash flow of the companies
increase as a result of the programs, balance sheet leverage
will decrease, the agency noted.
    United Technologies and its units face strong competition
but they all dominate their markets, Moody's pointed out.
 Reuter
