S&P upgrades Huntington Ingalls

S&P said it raised Huntington Ingalls Industries, Inc.'s issuer credit rating and unsecured debt rating to BBB from BBB-.

The outlook is stable.

The agency also said it affirmed the BBB rating on debt guaranteed by Northrop Grumman Systems Corp.

The upgrade reflects the company's growing backlog and a modest improvement in customer and program diversity, S&P said.

Huntington Ingalls recently received a $15 billion order from the U.S. Navy for two aircraft carriers, which increases its total backlog to more than $35 billion, from $23 billion at the end of 2018, the agency said.

The stable outlook reflects a view that credit metrics will remain fairly stable in 2019, S&P said.

The upgrades also consider the company's growing backlog and a modest improvement in customer and program diversity, the agency said.

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