S&P gives BBB- to Huntington Ingalls notes, revolver

S&P said it assigned its BBB- issue-level rating to Huntington Ingalls Industries Inc.'s proposed senior unsecured notes and $1.25 billion senior unsecured revolving credit facility.

At the same time, S&P affirmed its BBB- issue-level rating on the company's existing unsecured debt.

Huntington expects to use the proceeds from the new notes to refinance its existing $600 million unsecured notes due 2021. The new unsecured revolver will replace the company's similarly sized secured revolver that matures in 2020.

“We do not believe that the proposed transaction will significantly alter Huntington Ingalls' credit metrics,” S&P said in a news release.

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