S&P rates Huntington Ingalls notes BBB

S&P said it assigned its BBB issue-level rating to Huntington Ingalls Industries Inc.'s proposed $1 billion of senior unsecured notes.

The company plans to issue the notes in two tranches and will use the proceeds for general corporate purposes, including to repay debt and bolster its liquidity in case there are disruptions to its operations or delayed payments from the U.S. government because of the coronavirus pandemic.

“We do not believe this transaction will materially alter our forecast credit ratios for the company, including our expected funds from operations-to-debt ratio in the 55%-60% range in 2020,” said S&P in a press release.

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