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Prospect News home > News index > List of issuers H > Headlines for Huntington Ingalls Industries, Inc. > News item |
S&P shifts Huntington Ingalls view to negative
S&P said it revised the outlook for Huntington Ingalls Industries Inc. to negative from stable citing weak credit ratios.
“The negative outlook reflects that credit measures may not improve as we expect, depending on Huntington Ingalls' financial policy. Funds from operations (FFO) to debt was 43% in 2019, well below our expectations of 65%-70%. This was because of weaker earnings and higher net debt from lower free cash flow, higher pension liabilities, and higher share repurchases than we forecast,” said S&P in a press release.
S&P said it does expect to see some improvement in 2020, but how much will depend on how much cash the company allocates to paying down debt.
The agency affirmed its BBB issuer and unsecured debt ratings on the company.
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