S&P assigns L-3 notes BBB-

Standard & Poor's said it assigned its BBB- rating to L-3 Communications Corp.'s proposed senior unsecured notes due 2017 and 2024.

The company has not announced the amounts to be issued, but it plans to use the proceeds to redeem the 3% convertible contingent debt securities due 2035 (Codes) issued by its parent L-3 Communications Holdings Inc.

S&P said the rating on L-3 Communications reflects its expectation that the company's credit ratios will be largely flat over the next few years due to cash flow remaining strong despite pressure on revenues and earnings from declining U.S. defense spending.

The agency assesses the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate."

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