S&P rates Leidos BB+, loans BBB-

S&P said it rated Leidos Holdings Inc.'s proposed debt BBB- and Leidos Inc. BB+.

Leidos announced a refinancing that includes a new $2 billion term loan A and a $750 million revolving credit facility at subsidiary Leidos Inc.

S&P affirmed the BBB- issue-level ratings on the existing notes at Leidos Holdings.

At the same time, the agency placed the BB+ issue-level ratings on the existing notes at Leidos Inc. on CreditWatch with positive implications, pending the close of the transaction.

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