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S&P upgrades Kratos Defense
S&P said it raised the issuer credit rating on Kratos Defense & Security Solutions Inc. to B+ from B.
The outlook is stable.
The agency also it raised the rating on the company's secured notes to B+ from B.
The recovery rating on this debt remains at 4, indicating 30% to 50% expected default recovery.
The company's credit ratios have improved and additional improvement are expected going forward as the company continues to win new programs, S&P said.
The stable outlook reflects an expectation that credit ratios will continue to improve due to higher revenues and better margins, primarily driven by performance in the Unmanned Systems segment, S&P said.
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