RTX Corp (NYSE: RTX) Defense Backlog Surges To $130 Billion As S&P Rewards Balance Sheet Discipline With Rating Upgrade

• Raytheon backlog hit record $130 B with 2.9x book-to-bill • S&P lifted RTX credit rating to A- with stable outlook • RTX FCF >$9 B this year, leverage headed below 2.0x RTX’s $130 B Raytheon backlog and 2.9x book-to-bill prompted S&P to raise the firm’s rating to A- with stable outlook. Defense sales, about half of revenue, remain robust while Pratt & Whitney’s GTF repair program passes the halfway mark. Free cash flow should exceed $9 B this year against $30 B adjusted debt, positioning RTX for possible further upgrades if leverage falls below 2.0x.