Moody's rates General Dynamics debt A2

Moody's Investors Service said it assigned A2 ratings to approximately $2.4 billion of senior unsecured debt expected to be issued by General Dynamics Corp.

Net proceeds from the offering are expected to be utilized to repay an equivalent amount of existing notes due 2013 to 2015 either ahead of or upon their maturity and for general corporate purposes.

"We view these advance refinancings as opportunistic in consideration of ongoing attractive market conditions and further evidence of the fiscal conservatism by which General Dynamics is managed," said Russell Solomon, a Moody's senior vice president and lead analyst for the company, in a news release.

Moody's said General Dynamics' A2 rating reflects its record of strong and steady operating performance as one of the largest U.S. prime defense contractors.

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