TTX Co.'s Proposed Medium-Term Notes Due 2049 Rated 'A'

NEW YORK (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings today assigned 
its 'A' issue-level rating to TTX Co.'s proposed unsecured medium-term notes 
due 2049. The company will use the proceeds from this issuance for working 
capital and other general corporate purposes and to repay outstanding debt.

ISSUE RATINGS--SUBORDINATION RISK ANALYSIS

Capital structure
  • TTX's capital structure consists primarily of unsecured debt issued at the parent level.
Analytical conclusions
  • We rate the company's unsecured debt 'A', the same level as our long-term issuer credit rating, because no significant elements of subordination risk are present in its capital structure.